Australia Finalizes Deal to Maintain ANZ Bank's Pacific Presence

The agreement aims to counter China's growing influence in the region by keeping Australian banking services operational.

Australia's Treasurer Jim Chalmers announced the government is in the final stages of negotiations with ANZ Bank to ensure its continued operations in the Pacific.
The move is part of a broader strategy to prevent Chinese banks from filling the void left by Western banks exiting the region.
ANZ Bank, which has the largest presence of any Australian bank in the Pacific, has struggled with profitability and closed over 10 branches in recent years.
The Bank of China has shown interest in expanding its operations in the Pacific, including signing a memorandum with Nauru and seeking a license in Papua New Guinea.
The Australian government is collaborating with the United States and the World Bank to address the decline in banking services and maintain economic connectivity in the Pacific.