Pacific purchase for ANZ

The bank says the deal will be completed by the end of the year and is expected to be earnings per share neutral in year one and positive in year two.

The acquisition includes two branches in Papua New Guinea, two in Vanuatu and three in Fiji.

ANZ spokesman, Elmer Funke Kupper, says the acquisition moves the bank closer to its ambition to double the size of its Pacific business.

"The acquisition consolidates an important year of strategic growth for ANZ in the Pacific. We have extended our presence with operations in three new countries - American Samoa, East Timor and Kiribati.

"This acquisition strengthens our existing business by cementing ANZ's leadership positions in Papua New Guinea, Vanuatu and Fiji."

ANZ's Pacific business now includes operations in the Cook Islands, East Timor, Fiji, Papua New Guinea, Solomon Islands, Samoa, American Samoa, Tonga, Vanuatu and Kiribati.

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