Westpac in Cook Is. buy
The European Pacific Trust and Banking Group, Ltd, is to sell the Cook Islands retail banking business of its subsidiary, European Pacific Banking Company, Ltd, to Westpac Banking Corporation.
European Pacific Banking Company is the only retail bank operating in the Cook Islands. Its head office is in Avarua, the main town on Rarotonga, with other offices at Arorangi, also on Rarotonga, and at Aitutaki. Mr Trevor Clarke, chief
executive of the bank’s operations in the Cook Islands, said the sale was agreed in principle subject to the consent of the Government of the Cook Islands at a price that shows a good return for European Pacific. The transfer of business would, subject to consent, be effective on October 1. Mr Clarke said the trust and offshore banking operations had grown to such a size that the company sought to devote its resources to the growth of those operations.
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Press, 19 July 1988, Page 23
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154Westpac in Cook Is. buy Press, 19 July 1988, Page 23
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