National

Australia, ANZ working to secure Pacific bank services

By AAP Newswire

Nov 12, 2024

An ANZ storefront — ANZ is set to maintain banking services in the Pacific region as talks reach the final stages. -AAP Image

The federal government is in the final phase of talks with ANZ bank to ensure it continues to offer services in the Pacific region.

Hold tight - we’re checking permissions before loading more content

Treasurer Jim Chalmers said Australia was determined to restore its status as a partner of choice in the Pacific, where it faces a diplomatic contest with China.

This includes connecting the Pacific with global financial services and markets, given many island nations are losing access to banks and international payment services as branches are shut down or on-the-ground ties are severed.

"In July, we made clear that one of Australia's highest foreign and economic policy priorities is connecting the Pacific with global finance," Dr Chalmers said in a speech on Monday night.

"We've been in discussions with partners in the neighbourhood and around the world."

Dr Chalmers announced the government was now in the final stages of negotiations with ANZ bank to secure its continuing banking presence in the region.

"This will ensure ANZ's nine existing operations - from Fiji to the Cook Islands - maintain their services," he said.

"The deal we're working on is another big part of our efforts to keep communities and economies connected, and finance flowing in our neighbourhood." Â

Earlier this year, ANZ CEO Shayne Elliott told the Reutersnews agency that its Pacific branches weren't profitable.

The terms of the expected agreement with ANZ are yet to be revealed.