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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.11 | 0.67% | 16.53 | 16.52 | 16.53 | 16.55 | 16.35 | 16.40 | 577,174 | 05:22:16 |
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 that 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."
"There are other opportunities and I would very much like to build the business."
He said that Australia's four pillars banking policy has restricted the development of domestic banking infrastructure.
"The actual investment in infrastructure has not been at a global pace."
On interest rates, Smith said that the Reserve Bank of Australia should not be "mucking around" with the official cash rate, as the cost of borrowing will lead to a natural adjustment of mortgage rates and inflation can be contained.
Although Australia will likely be the first country to emerge from the global downturn, Smith said the recovery will be long and gradual, rather than V shaped, although he added he does not see risk of another systemic crisis emerging.
He said that Europe has yet to see a trough in its downturn, while the U.S. is "talking itself up", with little to show for it.
"Asia, meanwhile, is moving well."
Smith said the next chief executive of ANZ will be likely chosen from within the bank.
"It's incumbent on me to have a choice of successors within the ranks."
-By Enda Curran, Dow Jones Newswires;
61-2-8272-4687; enda.curran@dowjones.com
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