(Australia) Westpac has joined ANZ in filing an application with the New Zealand Commerce Commission (NZCC) to buy National Bank of New Zealand (NBNZ).In a statement, Westpac said its interest in the Lloyds TSB-owned bank was “consistent with its [Westpac’s] strategy of evaluating all acquisition opportunities that arise in its core markets of Australia and New Zealand”.
ANZ, for its part, has told the NZCC that a takeover of NBNZ would not “affect the highly competitive and dynamic nature of the [New Zealand banking] industry”.
“Post-acquisition ANZ will continue to be constrained by existing competitors, near and new entrants and the countervailing power of purchasers,” ANZ said in a submission to the NZCC.
NBNZ has been tipped by analysts to be sold for more than A$6 billion.
National Bank of Australia and Commonwealth Bank of Australia are also tipped to formally lodge their interest in purchasing NBNZ in the near future.