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Released Date - January 19, 2010
PAC – ECONOMY: ANZ PACNEWS BIZ: Tues 19 Jan 2010
ANZ leaders visit Pacific as economic recovery continues
19 JANUARY 2010 SUVA (ANZ) ---- The Pacific’s economic recovery is continuing with inflation falling in most Pacific countries and Papua New Guinea (PNG) leading bank lending in the region, according to latest data.
The ANZ Pacific Economics Monthly shows that while trade flows generally remain depressed, trade growth figures should improve in the coming months across the region and tourism and remittance flows continue to rise in Samoa and the Solomon Islands.
The release of the update coincides with a tour of six Pacific countries, including Fiji, this week by a number of senior ANZ executives, including CEO Asia Pacific, Europe and America Alex Thursby and CEO Pacific Michael Rowland.
“We expect the Pacific’s continued recovery from the Global Financial Crisis will be helped by the region’s increased connections with Asia and Australia’s relatively strong economic performance,” Mr Thursby said.
“Trade between China and the Pacific grew by more than 30% each year from 2001 to 2008 and ANZ’s expansion in Asia combined with our commitment to long-term investment in the Pacific gives us growing capabilities to continue supporting customers in the Pacific, including those who also do business in Asia.”
Leaders of ANZ’s consumer and wealth businesses, strategy and marketing for Asia Pacific, Europe and America are also taking part of this week’s tour to Fiji, Samoa, Solomon Islands, Papua New Guinea (PNG), New Caledonia and Vanuatu.
The group arrived in Fiji this afternoon, where Mr Thursby and Mr Rowland paid a courtesy visit to the Prime Minister’s Office to meet Commodore Frank Bainimarama.
They also visited and met the Permanent Secretary of Finance, Mr John Prasad and CEO of FIRCA, Mr Jitoko Tikolevu.
The remaining Executives were taken on a Rural Banking tour of Tailevu. A business dinner with selected customers is scheduled tonight in Nadi before the team travel onto Samoa tomorrow morning.
Mr Rowland said: “We’re meeting customers, staff, regulators and government representatives this week. It’s encouraging to see the growth in the Pacific, particularly in the natural resources sector, including Papua New Guinea (PNG) where the Liquefied Natural Gas project is expected to boost GDP by 6.5% in 2010.”
“This trip allows us to connect with our customers and the communities we operate in to better understand the things that matter to them to guide our priorities in the Pacific.
“In the past financial year, we’ve opened three branches and 31 ATMs, improved internet banking features, introduced the ANZ Fast Saver Account to reward customers who follow a set savings plan with bonus interest, and we’ve also enhanced our service for financial institutions and governments.”
ANZ employs more than 2,000 people in 12 Pacific countries and is one of only 11 AA rated banks in the world. |
