New Zealand regulator lambasts banks for ‘sporadic’ competition
Australia’s banks face new pressures in New Zealand, after the country’s competition regulator called for an acceleration of the open banking regime across the Tasman and criticised their underinvestment in technology.
A final report on personal banking services, released by the New Zealand Commerce Commission on Tuesday, also wants the Luxon government to invest more in Kiwibank, the government-owned NZ lender, noting it “lacks the scale and capital backing” to become a “maverick” competitor like Macquarie in Australia.
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