New Zealand orders inquiry into banking sector amid competition concerns

Reported 10 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

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