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NZ's financial system owned overseas

24 October 2003

Matt Robson MP, Progressive Deputy Leader

No other country has so much of its financial system owned overseas

The purchase of the National Bank by ANZ increased the case for Kiwibank to move into the small business banking sector, Progressive deputy leader Matt Robson says.

“There will likely be branch closures and service reductions as a result of this. More importantly, it is an example of further concentration of our banking and financial industry in Australian hands.

“No other developed country has so much of its financial system owned offshore.

“Today’s development increases the case for the highly successful People’s bank to move into small business banking as it consolidates its growth and success,” Matt Robson said.

ENDS

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