Australia nears agreement with ANZ to secure bank's Pacific operations

The Australian government is nearing a new agreement with ANZ Bank to maintain its presence in the Pacific, where it operates 19 branches across nine countries. This comes as many Western banks have reduced their operations in the region. Treasurer Jim Chalmers announced that negotiations are in the final stages, aiming to secure ANZ's continued services from Fiji to the Cook Islands. The government is focused on preventing a banking vacuum that could be filled by Chinese banks. The deal is part of a broader effort to sustain banking services in the Pacific, following previous successes in keeping Westpac from selling its operations in Papua New Guinea and Fiji. The government is also addressing the upcoming withdrawal of Bendigo Bank from Nauru.