Business Services Industry
Westpac pulls out of Kiwi bank bid.
Australasian Business Intelligence, September, 2003
Sep 12, 2003 (The Australian - ABIX via COMTEX)
Australia's Westpac Banking Corporation will not seek to acquire the National Bank of New Zealand (NBNZ). Westpac has indicated that the acquisition would not have suited its strategy of pursuing organic growth in the New Zealand market, where it already has a major presence. A takeover of NBNZ by Westpac may also have been challenged by the NZ Commerce Commission, while the lack of cost savings from taking over NBNZ is also said to have influenced the decision. Westpac has refuted suggestions that it will not bid for NBNZ as it is interested in acquiring AMP. The ANZ Banking Group is now seen to be the prime candidate to acquire NBNZ, although the NZ-based Black Horse consortium is also a bidder.
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