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CBA eyes New Zealand bank…sheds jobs

CBA eyes New Zealand bank…sheds jobs

(Australia) Speculation is rife that Commonwealth Bank of Australia is likely to go head-to-head with ANZ in a $5 billion bid for National Bank of New Zealand after the CBA began touting a tier one hybrid capital issue in the US. Brokers believe the bank is looking to raise some A$1.5 billion, a figure that is close to the A$1.25 billion ANZ is proposing to raise in order to bid for Lloyds TSB-owned NBNZ.

News of the CBA’s potential interest in the New Zealand bank comes a day after the CBA announced it plans to shed some 600 jobs – or three percent – of its 18,000 retail banking staff.

Management consultant McKinsey & Co is currently undertaking a review of the CBA’s operations in a bid to save costs.

Many expect the bank to shed up to 3,000 retail banking jobs.

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