Australia, U.S. to tackle Pacific's fall in correspondent banks

SYDNEY -- Top officials from Australia and the U.S. have pledged to help Pacific countries tackle a steep decline in the number of correspondent banks, with the region hit hard by a global de-risking trend.

On Tuesday, Australian Treasurer Jim Chalmers announced 6.3 million Australian dollars ($4.2 million) toward efforts to counter the drop in correspondent banking services, which allow local banks to access the global financial system via international banks.