New Zealand launches an inquiry into banking sector competition, focusing on rural services.

New Zealand will conduct an inquiry into its banking sector to assess competition, focusing on services in rural areas. The decision follows a draft report by the country's competition watchdog, which found that New Zealand's four major banks provided limited competition for personal banking. The inquiry will be led by Parliament's Finance and Expenditure Committee and will collaborate with the committee that focuses on agriculture to develop the scope of the probe and prepare a report. Bank chief executives and chairs are expected to be made available for questioning as part of the inquiry.