Tonga sells stake in Westpac Bank
Updated
The Tongan government has sold its 40 per cent stake in the Westpac Bank of Tonga.
Our Pacific correspondent, Campbell Cooney, says the Westpac Banking Corporation now has outright ownership of its operations on the island kingdom.
The bank says the acquisition is part of its expansion plans in the Pacific and demonstrates its commitment to the region.
Westpac's general manager of Pacific banking, Jane Kittel, says the bank will continue with a long term strategy to help with recovery of the Tongan economy, including rebuilding investor confidence in the kingdom.
Westpac has been in Tonga since 1974 and across the pacific region employs over 1,100 people.
It has not revealed the cost of the buy-back deal.
