Australia moves to keep its banks in the Pacific [Yahoo! Finance]
BANK OF CHINA UNSP/ADR (BACHY)
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Source: Yahoo! Finance
For years, Western banks have been shuttering branches throughout the South Pacific, citing political turmoil, wafer-thin profits and the high cost of doing business. State-owned Bank of China has indicated it is eager to step in, stoking worries that Beijing could expand its already considerable commercial clout in the Pacific. Treasurer Jim Chalmers said he was close to inking a deal that would keep Australia's ANZ Bank open in strategically important nations such as Fiji, Vanuatu, Solomon Islands and Papua New Guinea. "For too long, Pacific ties have been taken for granted. We've done our best to reverse that," he said in a speech on Monday night. "A big part of that has been about banking. Taking the time, and doing the work, to guarantee the future of finance in the Pacific." ANZ Bank confirmed it was in discussions with officials, although it was not clear what this deal would look like or if the Australian government would subsidise its Pacific operations. Bank of
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