5 Mar 2009

Asia links should shield Pacific from worst of economic crisis - ANZ Bank chief

4:28 pm on 5 March 2009

The chief executive of the Australian New Zealand Banking Group, Mike Smith, is confident that Pacific countries will not feel the brunt of the world economic crisis because of its trading links with Asia.

Mike Smith stopped over in American Samoa as part of a tour of ANZ branches in the South Pacific.

Mr Smith spoke to business students at the American Samoa community College and met with leaders.

He says while there will be a slowdown in certain activities he believes Pacific countries are insulated from the financial crisis.

"It's nothing like as bad as in the Northern Hemisphere, so that's the good news, I mean, and I think that the reliance on the Pacific to the Asia countries is going to develop further, and I think that's very good news because the Asian economies are going to come through this a bit more, I think in quite a good position."

The chief executive of the Australian New Zealand Banking Group, Mike Smith.