The Bank of South Pacific has decided to retain the Colonial Fiji Life Limited, the largest life insurance business in Fiji and continue the business under the BSP banner.

Earlier this year following the acquisition of National Bank of Fiji and Colonial Fiji Life Limited, BSP had decided to divest it's interest in Colonial Fiji Life Limited and seek a new owner who would be able to provide necessary expertise in life insurance business.

BSP had requested for expression of interest and after assessing the bids received, has decided that it would not be in the best interest of the policy holders of Colonial Fiji Life Limited or BSP and has decided keep it's interest in Colonial Fiji Life Limited.

In a statement BSP said there are difficulties in selling a life insurance company in the Pacific at the moment due to the impact of the global economic recovery and they have reconsidered it's strategy in regards to Colonial Fiji Life Limited.

BSP Chairman, Noreo Beangke said there has been improvements in the financial performance of the life business ever since it's acquisition and is confident that retaining Colonial Fiji Life Limited will have a positive effect on BSP Fiji's overall performance.

Story by: Praneeta Deo.