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New Zealand's personal-banking sector is dominated by 'two-tier oligopoly,' regulator says

( August 20, 2024, 02:20 GMT | Official Statement) -- MLex Summary: A bigger role for New Zealand’s Kiwibank along with a strengthened role for data portability could be a “game changer” for the country’s personal banking sector, according to a report from the competition regulator. In launching its final report into the sector, the New Zealand Commerce Commission said that its 14-month study had concluded that “competition isn’t working as it should in this sector, and [New Zealand] consumers are missing out as a result.” The market study found that the sector is dominated by a “stable, highly profitable, two-tier oligopoly with no disruptive maverick and a lack of obvious or aggressive price competition.”The New Zealand Commerce Commission's final report, an abridged version of the final report and an executive summary are attached; the media release follows:...

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