Major banks face no strong competition: Commerce Commission

NZ's banking sector is dominated by the four big Australian-owned companies: ASB, ANZ, BNZ and Westpac. (Image: NZME)

Thu, 21 Mar 2024

New Zealand’s major banks do not face strong competition and have high levels of profitability relative to international peers, the Commerce Commission has found. The competition watchdog released its draft market study into the banking sector on Thursday morning and found there was surprisingly limited investment in innovation by the major banks and that the sector has had sustained high levels of profit. The commission said there is a stable oligopoly with no “maverick” provider. NZ’s banking sector is domina...

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