ANZ Bank New Zealand (ANZ NZ) Chief Executive Officer Antonia Watson today made the following comments relating to the announcement the Commerce Commission will commence a competition study into personal banking services in New Zealand.
“A competition study is a good opportunity to provide facts in what can be a complex area and we hope it improves the confidence that New Zealanders can have in its banking sector.
“New Zealand has a highly competitive banking sector with banks of all sizes and ownership structures, including a government-owned bank. However, with cost-of-living pressures rising, it is understandable that reviews such as this take place.
“We are committed to contributing to the market study in a proactive and transparent manner,” Ms Watson said.
It is expected the Commerce Commission will release a preliminary issues paper by the end of August 2023 with a final report publicly available by 20 August 2024.
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