Since last year there’s been talk about ANZ Bank leaving the territory.
Relatives of bank employees have even said as much.
The first official mention that this may be in the works was from comments on the House floor yesterday by Tuala-Uta Representative Larry Sanitoa.
According to Sanitoa, senior executives of ANZ Bank were in the territory last December and from what he’s learned, the bank plans to end its operations in American Samoa sometime this year.
He said he talked with one of the directors of the bank who said they are now waiting for when that will happen.
The Tuala-uta lawmaker said ANZ was the only FDIC insured bank in the territory and it behooves the House to find out the government’s plans in the event the bank does leave the territory.
He said it was important to know what preparations if any are being made if indeed ANZ departs.
Sanitoa, a member of the Board of Directors of Legal Aid American Samoa says their federal grant of $300,000 annually, must be deposited in an FDIC insured bank.
He urged the House Commerce Committee to start making inquiries now about preparations by the Territorial Bank of American Samoa, for when ANZ departs.
He noted that most businesses bank with ANZ Bank.
KHJ News sent questions to ANZ Regional Executive, Pacific Ms Tessa Price concerning the bank’s plans to depart the territory.
Saying that the bank doesn’t comment on market speculation Ms price said, “What we can say is that ANZ’s key strategic priority across the Pacific is to build a sustainable business, which means focusing our efforts and capital where we can make the strongest impact.”
She told KHJ News, “ANZ is working through a strategic review of our business in American Samoa and we will provide an update once this is completed.
“For now, it’s business as usual and our fantastic team are focused on supporting our customers and community.”
The ANZ executive pointed out, “In our core Pacific markets, 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.”
