From Investing.com: 2024-11-11 04:05:51

Australia is in final talks with ANZ Group to maintain bank branches in the Pacific, addressing the issue of limited access to banking services in the region. ANZ CEO stated the branches were unprofitable, leading to discussions with the Australian government. The deal aims to keep economies connected amidst China’s growing influence.

Efforts to address Pacific banking issues have gained momentum with Washington and Canberra’s involvement. China’s influence in the region has prompted strategic discussions and agreements, such as Bank of China exploring opportunities in Nauru. Australia and the U.S. are working together to provide emergency financial support through the World Bank for trade and remittances in the region.



Read more at Investing.com: Australia nears deal with ANZ to stop bank closures in the Pacific By Reuters