ANZ secures government guarantee for Pacific operations
Australia and New Zealand Banking Group (ANZ) has secured a limited guarantee from the Australian Government to support its Pacific operations for the next 10 years. The maximum guarantee is valued at AUD$2 billion, with ANZ paying an annual fee to the government. As part of the arrangement, ANZ will invest an additional $50 million to enhance its digital banking infrastructure in the Pacific. The bank has also committed to maintaining its existing fee-free international money transfer service via ANZ retail digital channels. CEO Shayne Elliott emphasized the importance of the Pacific region to ANZ's international network, where it has operated for over 140 years. The bank states it has invested AUD$95 million in buildings, systems and technology in the region over the last five years. ANZ expects the guarantee to commence in the second half of 2025, pending enabling legislation.
This report was generated by FilingReader's AI system from regulatory filings and company disclosures. To request a correction, contact editorial@filingreader.com
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