On Wednesday, Australian lender Westpac (WBC.AX) announced that it had abandoned plans to sell its companies in Fiji and Papua New Guinea, ending a protracted legal dispute.
The corporation has attempted to depart the Pacific for years, but a Papua New Guinea regulator vetoed their A$420 million ($264.77 million) disposal transaction with Kina Securities in 2021.
“Any failure to successfully divest businesses means that we may have sustained exposure to higher operating costs and to the higher inherent risks in those businesses,” Westpac had stated to the market during its interim results in May.
To strengthen its position in local markets, the bank will launch a new brand campaign in both nations in the coming months, according to Anthony Miller, CEO of Westpac Business and Wealth Division.
According to the corporation, its Pacific business continued to develop and see operational improvement following COVID, allowing Westpac to invest in the operations.
