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Bank Sale Raises Concerns

Bank Sale Raises Concerns

Jobs will be lost, customers severely inconvenienced, and the banking sector seriously diminished if the National Bank is sold to Australian interests, Council of Trade Unions president Ross Wilson said today.

The bank’s British owner, Lloyds TSB, says it is looking for a buyer for the National Bank, and the CTU supports the concerns raised by Finsec, the union representing bank workers, about the proposed sale.

The CTU is particularly concerned about the protection of workers in any sale and transfer process, said Ross Wilson.

“We back Finsec’s call for assurances that no staff will be made redundant before a sale,” he said.

Ross Wilson said Australian banks already dominate the sector in New Zealand, and he had serious concerns about whether it is in the broader public interest for the sale to proceed.

“If it results in further narrowing of ownership of banking in New Zealand, it is hard to see how this benefits the public or the workers in the National Bank.”

“The National Bank is a large and extremely profitable bank and its sale intact should be questioned by the Commerce Commission,” he said.

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