New Zealand Bank Market Needs ‘Disruptive Force' to Lift Competition [BNN Bloomberg (Canada)]
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Source: BNN Bloomberg
The country's banking market currently has limited competition with the four major Australian-owned lenders appearing to be focused on maintaining profit margins, the Commerce Commission said Thursday in Wellington in its first competition study into the country's personal banking services. “In a well-functioning banking market, we'd expect to see strong competition driving innovation and choice for customers, rather than the price-matching strategies we see here in New Zealand,” Chair John Small said. “The lack of a disruptive force in our banking market means competition between the majors is sporadic and not sustained.” Former Finance Minister Grant Robertson announced the inquiry last June following suggestions that the main lenders were making excessive profits at a time when New Zealanders were facing an increasing cost of living. In draft recommendations, the Commission suggested that Kiwibank's owner Kiwi Group Capital — which is 100% owned by the New Zealand government
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