Australia seeks to retain banks in Pacific Islands amid rising Chinese influence

Australia plans to prevent its banks from leaving the Pacific Islands amid concerns about China's growing influence. Many Western banks have closed branches due to political issues and low profits, creating opportunities for Chinese banks to expand. Treasurer Jim Chalmers announced efforts to keep ANZ Bank operational in key nations like Fiji and Papua New Guinea. Discussions are ongoing, but details about potential government support for ANZ's Pacific operations remain unclear. The Bank of China is actively seeking opportunities in the region, including a recent agreement with Nauru. Australia's Bendigo Bank will exit Nauru by mid-2025, while Papua New Guinea is open to Bank of China's presence.