Business Services Industry
Plenty of choice in NZ - Westpac.
Australasian Business Intelligence, August, 2003
Aug 22, 2003 (The Sydney Morning Herald - ABIX via COMTEX)
Regulatory concerns over a monopoly within New Zealand's banking industry are unfounded, according to Westpac Banking Corporation. At issue is the impending sale of the National Bank of New Zealand by Lloyds TSB Group for around $A6bn. An Australian bank is the likely purchaser, and the New Zealand Commerce Commission must approve the acquisition. In a submission to the commission, Westpac argued there is already sufficient competition in the industry, and a takeover by any Australian bank will not result in undue dominance. ANZ Banking Group is the favourite to take over the National Bank. In Australia, its shares closed at $A18.06 on 22 August 2003, down $A0.09, while Westpac shares fell $A0.01 to...
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