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New Zealand banks seek to negotiate collectively over cash-in-transit services

( September 15, 2025, 06:42 GMT | Official Statement) -- MLex Summary: New Zealand banks are seeking authorization to negotiate a collective agreement over cash-in-transit services with Evergreen International NZ, trading as Armourguard, the competition regulator has said. In a statement on Monday, New Zealand Commerce Commission said the New Zealand Banking Association has asserted that the “proposed collective negotiation will result in significant benefits, including improved sustainability of [cash-in-transit] services." Members of the New Zealand Banking Association include Australia and New Zealand Bank, Citibank, Bank of New Zealand and Westpac Bank. Evergreen acquired rival ACM New Zealand in October 2024, creating a monopoly in the cash-in-transit services sector.The full statement by the New Zealand Commerce Commission follows:...

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