"Australia nears agreement with ANZ to maintain Pacific branches" was originally created and published by Retail Banker International, a GlobalData owned brand.

Australia is in the final stages of talks with ANZ Group over 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.

Negotiations are in the final stages for the federal government to support the bank to remain in nine Pacific countries, under a plan to secure its presence in the region.

For years, Western banks have been closing branches throughout the South Pacific. State-owned Bank of China has shown it’s eager to step in.

The federal government is working on a solution to ensure a major bank maintains services in the Pacific while bolstering the integrity of financial systems.