Prime Minister Sitiveni Rabuka announced that the Cabinet has approved national consultations with key stakeholders regarding the proposed restructuring of the Bank of South Pacific (BSP) Fiji and the draft BSP Fiji Bill 2024.
In a statement from the Office of the Prime Minister, Rabuka explained that the Bank of South Pacific Financial Group Limited (BSP Group), the parent company, plans to restructure BSP Financial Group Limited – Fiji (BSP Fiji) by transitioning its Fiji Branch operations into a subsidiary structure.
Rabuka noted that this move aligns with current global trends in corporate financial structures and aims to enhance operational efficiencies. The proposal involves implementing the conversion through legislative means, effectively assigning BSP Fiji’s existing business to the newly formed subsidiary.