Owners of ANZ Bank have made it official. The bank is exiting American Samoa.
ANZ, today, announced that it would strengthen its focus on building a world-class digital bank in its core Pacific markets of Fiji, Samoa, Vanuatu, Cook Islands, Tonga, Solomon Islands and Kiribati, as well as Timor-Leste, following a decision to exit US community banking in American Samoa and Guam.
This was ANZ Regional Executive Pacific, Tessa Price, statement on the matter: “In our core Pacific markets, where we have been for more than 141 years, ANZ plays an important role in connecting customers to the growing trade and investment opportunities in the region, as well as providing industry insight and links into our home markets of Australia and New Zealand.”
“In American Samoa and Guam, ANZ’s competitive position is not as compelling. US community banking is not in line with ANZ’s key strengths, which is impacting our ability to meet the needs of customers in American Samoa and Guam.”
ANZ will wind down its business in American Samoa over the next 6 months, while in discussions with other parties about the future ownership options for its business in Guam.
“The Pacific remains a key part of ANZ’s international network. By focussing our resources on our core Pacific markets, we can continue to build a world-class digital bank in the region and deepen the support we provide to customers,” Ms. Price said.
ANZ Country Head, American Territories, Clarke Schaumann, said “This was not a decision we made lightly but we have consulted with our staff,and we will support them as we go through this transition period.”
“Having recently spent time in American Samoa with Tessa, we know that more and more customers are maintaining relationships with multiple banking partners, both on-island and off-island, and will be sufficiently supported after we close.”
“American Samoan residents will continue to have the option to open accounts with off-island institutions online, including with FDIC insured banks and NCUA insured credit unions. We encourage people to explore their options through the BankOn initiative at covidbanking.joinbankon.org.
“Customers in American Samoa can also continue to access cash through the Territorial Bank of American Samoa (TBAS) ATM network.
