Rival banks will be out to woo thousands of customers from the newly formed ANZ Bank and National Bank, with some predicting the banking giant will lose "several per cent" of its market share.
Sunday, October 26th 2003, 4:27AM
by The Landlord
In the biggest ever takeover in New Zealand, ANZ Bank is swallowing National Bank for about $5.7 billion, creating a $10 billion banking empire and one of New Zealand's biggest firms.
"The big question is the level customer attrition and they are obviously very worried about that," a top banking source said.
The ANZ takeover was been set up to try to stop any customers jumping ship by running both ANZ and National banks separately, possibly for a couple of years.
