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Banking chiefs to discuss competition

by Staff Reporter7 minute read
The Adviser

Three of the big four banks’ chief executives will front a senate inquiry next month.

Yesterday, both CBA’s Ralph Norris and NAB’s Cameron Clyne confirmed to The Australian that they would appear in front of a committee, which has been put together to discuss ways to inject competition into the banking market, when it meets on 13 December.

Last week Westpac’s Gail Kelly became the first chief executive to confirm she would front the panel.

The inquiry was originally proposed by independent senator Nick Xenophon.

The bank bosses are likely to be scrutinised on the current level of competition between bank and non-bank lenders, the banking products available on the market and the likely drivers of future change in the industry.

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