Australian banks withdraw from Pacific region, impacting essential banking services for small nations.

Australian banks, including ANZ, are withdrawing from the Pacific region, leading to concerns about access to essential banking services for small Pacific nations. The closure of branches and decline of correspondent banking relationships threaten critical transactions and remittances, which could significantly impact financial stability in the region. Banks cite complex Pacific markets and stricter financial crime regulations as main reasons for their withdrawal.

August 05, 2024
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