Reported 7 months ago
Reuters reported that New Zealand will conduct an inquiry into its banking sector to evaluate competition, particularly in rural areas. The decision follows a draft report by the competition watchdog stating that the major banks in New Zealand lack competition in personal banking, leading to under-investment in technology and low innovation levels. The four largest banks in New Zealand, owned by Australia's 'Big Four' banks, dominate the market with 85% of lending and 90% of deposits. Finance Minister Nicola Willis highlighted the importance of promoting competition to rebuild the economy, with a focus on rural banking to support the agricultural sector.
Source: YAHOO