Commonwealth Bank of Australia which currently owns Colonial National Bank and Colonial Fiji Life Limited said there will be no job losses if the Bank of South Pacific buys the Colonial Fiji operations.
The Commonwealth Bank said Bank of South Pacific had agreed to no job losses as a direct result of the acquisition and subject to normal performance criteria.
It confirmed that if the sale goes ahead after due diligence, BSP has requested and Commonwealth Bank has agreed for Laurie Mellsop to continue leading the business in the short to medium term to ensure continuity and minimal disruption.
As part of BSP's initial offer, it has requested that it be allowed to continue using the Colonial Fiji name and brand for a number of years.
The Commonwealth Bank also said they and BSP are comfortable that the capital requirements will not be an issue.
The Commonwealth Bank of Australia is already in discussions with the Bank of South Pacific regarding the potential sale of Commonwealth Bank's banking and insurance businesses in Fiji.
Bank of South Pacific is PNG's largest retail and commercial bank with 35 branches.
It also has regional representation in Niue, Solomon Islands and operates two branches in Fiji under a full banking licence.
No job losses: Commonwealth Bank
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