When Bendigo & Adelaide Bank announced it would stop servicing the island to “reduce complexity”, the federal government took notice and turned to CBA.
to set up shop in Nauru to help counter China’s growing influence in the South Pacific and among Australia’s closest neighbours.the talks were progressing, and it is understood there is debate about how much taxpayer support is warranted to set up a Nauru operation – a financial services venture that is likely to have little commercial appeal for the nation’s largest bank.
Bendigo planned to leave Nauru by December but extended this to June next year after the Nauruan government signed a memorandum of understanding with the Bank of China to explore a succession plan. Bendigo has previously indicated it would “provide assistance and support to enable an orderly transition to a new provider”, but declined to comment on Friday.The issue of banking in the underserved Pacific market is of acute interest to both the Australian and US governments,The forum backed efforts to “address the decline” in the Pacific region of correspondent banks, where one bank transacts on behalf of another.
ANZ boss Shayne Elliott told the forum governments and regulators had to align their rules to attract sufficient interest from established banks in developed economies.
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