Australia nears deal with ANZ to stop Pacific branch closures

Islands at risk of losing international payment access as Western lenders leave

20241111 ANZ logo, Australia and New Zealand

ANZ CEO Shayne Elliott has said the bank's Pacific branches, which form the largest network in the region, are not profitable. © Reuters

SYDNEY (Reuters) -- Australia is in the final stages of talks with ANZ Group over a deal to maintain the bank's branches across the Pacific, Treasurer Jim Chalmers said on Monday, a diplomatic win in a region contested with China.

Many Pacific Island countries are losing access to banks and international payments as Western banks close branches or cut ties with their counterparts across the sparsely populated and remote region.

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