Powered by MOMENTUM MEDIA
the adviser logo
Lender

CHOICE slams St George Westpac merger

by Staff Reporter2 minute read
The Adviser

The Australian Consumers Association (CHOICE) has called on the Australian Consumer Competition Commissions (ACCC) to reject the proposed merger between St George and Westpac.

Submissions for third-party comment on the proposed merger between Australia’s third and fifth largest banks closed yesterday.

CHOICE stated that the $18 billion deal would stifle competition amongst lenders, reduce customer service levels and increase fees for customers.

“The proposed merger of Westpac and St George will substantially increase the already high market share of the Big Four, eroding competition across the sector. All consumers will be affected because all banks will have less incentive to deliver better deals to their customers,” CHOICE said

CHOICE also said that action should be taken to allow customers to switch banks more easily through improved regulation on customer penalisation.

Published: 24-06-08

default
magazine
Read the latest issue of The Adviser magazine!
The Adviser is the number one magazine for Australia's finance and mortgage brokers. The publications delivers news, analysis, business intelligence, sales and marketing strategies, research and key target reports to an audience of professional mortgage and finance brokers
Read more