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By: Staff Reporter
Further consolidation in the financial services sector is “unlikely”, according to ANZ chief executive Mike Smith.
Speaking at a University of NSW alumni gathering in Sydney last night, Mr Smith said the Australian Competition and Consumer Commission's (ACCC) ruling on NAB’s proposed acquisition of Axa showed the competition regulator was taking a tough stance on future consolidation.
“The ACCC has been very clear that they think there isn’t enough competition and therefore they’re going to maintain it as much as possible,” Mr Smith told The Australian Financial Review.
“Whether or not competition is an issue about the number of banks or number of products, I would argue that it’s the number of products that is more important.”
Mr Smith would not rule out whether or not ANZ intended to make a bid for Axa, and said he was “very interested in wealth management”.
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