ComCom: Big four banks may limit rivalry to boost profits

ComCom says customers who shop around are offered deals that were not offered to existing customers. (Image: NZME)

Thu, 21 Mar 2024

The Commerce Commission says it cannot rule out New Zealand’s big four banks may be limiting their rivalry to boost profits. The competition watchdog released its draft market study into personal banking on Thursday, which found there was no strong competition for personal banking services and sustained high levels of profit. The Commerce Commission (ComCom) said there is a stable banking oligopoly with no “maverick” provider. It said NZ's major banks had broadly similar cost structures, could readily observ...

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