Wales/Westpac Ex-PNG/Pacific Staff Reunion

In 1984 the original agreement between the Bank of NSW and the Government in the Gilbert and Ellice Islands Colony expired and Westpac and the government of Kiribati formed the Bank of Kiribati (BOK) as a joint venture. Westpac contributed its operations and received 51% of the new bank; the government took 49%. BOK also fulfilled the functions of a reserve or central bank (Stone 1990).

In 1996 the government passed a law authorizing foreign banks to establish themselves in Kiribati in competition with BOK. In 2001 the government sought to reduce Westpac's share in BOK from 51% to 49%, Westpac sold its shares back to the government. The government then privatized the bank, selling 75% to the ANZ.

Kiribati