ANZ announced on Wednesday that it will no longer provide banking services in Guam after January 31, 2023.
“This is not a decision we have taken lightly but we have consulted with our staff and we will support them and our customers as we go through this transition period,” ANZ Regional Country Manager Clarke Schaumann said in a news release.
On October 14, Bank of Guam entered into an agreement to purchase a portfolio of Guam-based commercial loans and mortgages from ANZ Guam. The bank said the majority of home loan customers will continue to be serviced by ANZ until they receive their individual transfer notices in early 2023.
The move was expected, as the Australian-based banking group announced in March that it would end its banking business in Guam and American Samoa.
At the time, ANZ, which acquired locally owned Citizens Security Bank for $25 million in 2007, said US community banking was not its core strength, “which impacted our ability to serve the needs of customers in American Samoa and Guam.”
ANZ already operates its Guam branch at the Julale Hagåtña Center and has several ATMs on the island.
On Wednesday, Schaumann said the bank would contact customers.
“We want to ensure that switching banks and transferring their money is a smooth process, so we encourage customers to make alternative banking arrangements as soon as possible,” he said in the statement. “Having been in Guam for four years, this is a mature banking market and our deposit customers will continue to have options with online on-island and off-island institutions, including FDIC-insured banks.”
Customers can also explore their options through the BankOn initiative at covidbanking.joinbankon.org
“Like me, our staff are proud of ANZ’s positive impact on the local community. We are committed to supporting our customers and will help them move their banking in a respectful and orderly manner,” said Schaumann.
ANZ will continue to serve its core Pacific markets of Fiji, Samoa, Vanuatu, Cook Islands, Tonga, Solomon Islands and Kiribati, as well as Timor-Leste.