Why smaller banks like Bendigo and BoQ have a big problem
Bendigo & Adelaide Bank has made good progress on costs and returns. But as loan growth shrinks, scams rise and inflation keeps pushing higher, scale becomes more of a challenge.
Bendigo Bank may have rushed to insert itself in the competition watchdog’s deliberations on ANZ’s $4.9 billion takeover of Suncorp’s banking division, but chief executive Marnie Baker was guarded in her comments about the ACCC’s decision to knock the deal back two weeks ago.
“The ACCC made several observations about competition in its determination, and one of those observations was that regional banks are an important source of competitive pressure and a competitive threat to major banks,” Baker mused on Monday as she delivered the bank’s full-year results. “I was pleased to read that.”
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James Thomson is senior Chanticleer columnist based in Melbourne. He was the Companies editor and editor of BRW Magazine. Connect with James on Twitter. Email James at j.thomson@afr.com
