Westpac to maintain Pacific presence, cancels sale of PNG, Fiji banks

News Snapshot:

As Westpac was preparing to sell the operations in 2020, the federal government feared the move would undermine efforts to boost ties with the Pacific and could provide an opening for China. In 2019, 10 Pacific nations – including Fiji and PNG – signed an economic co-operation agreement with Beijing “to support Chinese-invested banks in operating financial business and innovative financial products in Pacific Island countries”. In 2018, the Bank of China established a representative office in Port Moresby, which was closed in 2020. However, in June this year, Bank of China reopened the office. PNG Prime Minister James Marape...