Saturday, October 18, 2008

CBA’s move on BankWest = Customers could face higher prices

clipped from
opposed the Commonwealth Bank’s intention to acquire BankWest, saying the merger would seriously erode competition in the banking sector.
the loss of mid-tier and regional banks through acquisition will mean consumers could face higher prices for bank products
current global financial turmoil has already taken its toll on the non-bank sector
further concentrated market power in the hands of the big four banks
follows the proposed merger between Westpac and St George bank, which is currently been assessed by Treasurer
If the Westpac-St George merger goes ahead then we see a far more concentrated market in the banking sector and consumers will be the ones who suffer
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