The bank has scrapped a plan to sell its operations in Fiji and Papua New Guinea, in a move welcomed by Canberra.
Westpac has walked away from a plan to sell its operations in Fiji and Papua New Guinea as it eyes the region’s growth potential, amid government support for an Australian-owned bank remaining in the Pacific.
Fiji’s economy has experienced rapid growth as overseas tourism has resumed, and the chief executive of Westpac’s business and wealth division, Anthony Miller, said the bank saw an opportunity in the region. Federal Treasurer Jim Chalmers said in a statement: “We welcome Westpac’s continued presence in Fiji and Papua New Guinea to promote competition and better banking services in the Pacific. These services are critical to international trade, investment and remittance flows, and are important for economic growth.”Miller said the bank planned to support businesses in Fiji and PNG, improve digital banking services and deliver programs in financial literacy and education.
UBS analysis of Australian Prudential Regulation Authority figures this week showed Westpac expanded its mortgage portfolio by 0.6 per cent in August, in contrast with a 0.3 per cent contraction in the mortgage book of Commonwealth Bank. Westpac also posted solid monthly growth of 1.3 per cent in its household deposit book.
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