ANZ has reached an agreement to sell its commercial and mortgage loan portfolio in Guam to the Bank of Guam. This decision follows ANZ's strategic move in March to concentrate on its core Pacific markets. The sale process will occur in phases, with completion anticipated by early 2023.
Clarke Schaumann, ANZ Regional Country Manager, remarked on the transaction: “Bank of Guam is the ‘People’s Bank’, known for their community focus. They are ideally placed to provide a dedicated, local service to our Retail and Commercial lending customers.”
Joaquin Cook, President and CEO of Bank of Guam, expressed gratitude towards ANZ: “We thank ANZ for trusting us with this opportunity to serve as the local trusted financial advisors to a new group of businesses and customers and we are proud to welcome them to the Bank of Guam Familia.”
The agreement includes several steps:
- Some commercial customer loans will be transferred immediately. Affected customers will soon hear from their ANZ Relationship Manager about transitioning to the Bank of Guam.
- Borrowers needing confirmation from the Small Business Administration or US Department of Agriculture will be notified shortly, with transfers expected by November's end.
- Most home loan customers will remain under ANZ until they receive transfer notices, projected for early 2023.
“ANZ will continue to service our deposit account customers until further notice,” stated Mr. Schaumann.