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Making headlines today, The Australian Financial Review has reported that Westpac is unhappy with recent claims by NAB that the major has compromised Australia’s economy.
According to the paper, NAB’s head of business banking Joseph Healy said last week that Westpac was showing undesirable bias towards home lending in the banking system, which was not only hurting jobs and business, but also Australia.
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Westpac’s head of retail and small business banking, Rob Coombe, has hit back at the criticism, labelling the comments as “mischievous”.
Mr Coombes said NAB had sour grapes over the fact that it had failed to capitalise on the enormous growth in the residential mortgage market last year, which was fuelled by significant demand from first home buyers.
