Australia nears deal with ANZ to stop bank closures in the Pacific [Yahoo! Finance Canada]
BANK OF CHINA UNSP/ADR (BACHY)
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Source: Yahoo! Finance Canada
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. ANZ CEO Shayne Elliott told Reuters in July its Pacific branches, the largest network in the region, were not profitable and the bank was in talks with the Australian government over their future. Chalmers said those talks had reached the final stages and the deal would maintain ANZ's nine hubs in the region, which include Fiji and the Cook Islands. He did not mention terms or when the agreement would be finalised. "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," he said in a speech. While bank access in the Pacific has been an issu
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