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Kiwibank will receive state support to disrupt New Zealand banking, government says

By James Panichi ( August 20, 2024, 07:10 GMT | Insight) -- New Zealand is on the cusp of a significant policy decision designed to reign in the market power of its top-four banks, with the government saying today it was ready to throw resources behind a smaller industry player to inject competition into a sluggish personal-banking sector. Finance Minister Nicola Willis said she would take the advice from a 14-month market study carried out by the New Zealand Commerce Commission and offer further government support for the state-owned Kiwibank to ensure it has the “growth capital it needs to become a ‘maverick’ that exerts real competitive pressure.”New Zealand is on the cusp of a significant policy decision designed to reign in the market power of its top-four banks, with the government saying today it’s ready to throw its resources behind a smaller industry player to inject competition into a sluggish personal-banking sector....

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