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The credit crisis may trigger increased consolidation among lenders, Commonwealth Bank (CBA) chief executive Ralph Norris told The Australian Financial Review today.
“Across the financial services sector, consolidation is something that will continue to be the case in 2008, particularly where some organisations are experiencing difficulties,” he said.
“They may well become merger and acquisition targets.”
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Norris told the daily that to date he is not aware of any non-bank lenders receiving approaches from other institutions since the Westpac RAMS acquisition, and said CBA would assess any potential acquisitions on a case-by-case basis.
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