New Zealand's Commerce Commission draft report proposes measures to boost competition in personal banking, dominated by four major Australian-owned banks.
New Zealand's Commerce Commission has published a draft report suggesting the country's personal banking services lack competition, with four major Australian-owned banks dominating the market. The report recommends improvements including reducing barriers for new players, encouraging innovation, and boosting Kiwibank's capital to promote competition. The final report is set to be released in August 2024 following consultation.
March 20, 2024
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