Australia will provide ANZ with a decade-long loan guarantee of A$2 billion ($1.26 billion), to ensure the bank maintains the branch network across the Pacific, a move seen as a diplomatic win amid growing regional competition with China.

The federal government will provide a $2 billion guarantee to ANZ bank in the Pacific for it to continue services as Australia works to lock out China.

ANZ has secured a 10-year, AUD$2 billion guarantee from the Australian Government to support its banking operations in the Pacific. The guarantee, expected to start soon aims to bolster ANZ’s long-term presence in the region.