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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Suncorp Group Limited | ASX:SUN | Australian Stock Exchange | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 16.08 | 16.08 | 16.12 | 0.00 | 01:00:00 |
Australia and New Zealand Banking Group Ltd. (ANZ.AU) Chief Executive Mike Smith Wednesday said he plans to bulk up the bank's domestic operations, a move that could include an offer for regional bank Suncorp-Metway Ltd. (SUN.AU).
The chief executive said the bank's current domestic market share of 16% is not enough, and he criticized the government's four pillars banking policy, and competition authorities preempting possible mergers.
The four pillars policy bans any of the country's four major banks from merging with each other.
Asked if the Australian Competition and Consumer Commission policy on banking mergers would prevent ANZ making an offer for regional bank Suncorp-Metway, Smith said it would not.
"It takes two to dance and you've got to be willing partners," he said at a business luncheon. "We have to wait and see what happens."
He said Australia's four pillars banking policy has restricted the development of domestic banking infrastructure.
On interest rates, Smith said the RBA should not be "mucking around" with the official cash rate, as the cost of borrowing will lead to a natural adjustment of mortgage rates.
-By Iain McDonald, Dow Jones Newswires; 61-2-8272-4681; iain.mcdonald@dowjones.com
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