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New Zealand banks' sustainability efforts not cartel behavior, watchdog says

( July 21, 2025, 01:52 GMT | Official Statement) -- MLex Summary: The New Zealand competition regulator found no evidence of collusion among banks cooperating on sustainability initiatives. In a statement today, the New Zealand Commerce Commission said that the banks associated with the “net-zero banking alliance” were investigated based on a complaint from Federated Farmers of New Zealand, a farmers' rights advocacy group. It alleged that the banks were coordinating their agricultural lending policies to align with the net-zero strategies and targets and in doing so, “the banks were potentially acting anti-competitively, in breach of the [1986] Commerce Act.” The watchdog said that it found no evidence of unlawful coordination between the banks. The banks involved include ANZ Bank New Zealand, ASB Bank, Bank of New Zealand, Rabobank New Zealand, and Westpac New Zealand.The full statement by the New Zealand Commerce Commission follows:...

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