ANZ CEO Plans To Bulk Up Bank's Domestic Operations
05 August 2009 - 2:18PM
Dow Jones News
Australia and New Zealand Banking Group Ltd. (ANZ.AU) Chief
Executive Mike Smith Wednesday said he plans to bulk up the bank's
domestic operations, a move that could include an offer for
regional bank Suncorp-Metway Ltd. (SUN.AU).
The chief executive said the bank's current domestic market
share of 16% is not enough, and he criticized the government's four
pillars banking policy, and competition authorities preempting
possible mergers.
The four pillars policy bans any of the country's four major
banks from merging with each other.
Asked if the Australian Competition and Consumer Commission
policy on banking mergers would prevent ANZ making an offer for
regional bank Suncorp-Metway, Smith said it would not.
"It takes two to dance and you've got to be willing partners,"
he said at a business luncheon. "We have to wait and see what
happens."
He said Australia's four pillars banking policy has restricted
the development of domestic banking infrastructure.
On interest rates, Smith said the RBA should not be "mucking
around" with the official cash rate, as the cost of borrowing will
lead to a natural adjustment of mortgage rates.
-By Iain McDonald, Dow Jones Newswires; 61-2-8272-4681;
iain.mcdonald@dowjones.com
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