The National Bank of Australia (NAB) and the ANZ banking group are the most likely targets for a possible merger, a leading research head has said.
Perpetual head of investment market research Brigette Leckie speculated on the move while speaking at last week’s FSP prestige partner meeting on the Gold Coast.
Under a Labor Government, Australia’s big four banks will come under pressure and consolidation is more likely to occur, Leckie said.
“The logic there is that NAB will acquire ANZ…because it’s a good strategic fit,” she said.
“NAB is a business bank whereas ANZ is a retail bank. They slot together quite nicely.”
However, NAB hosed down rumours of a possible merger with ANZ.
“We don’t confirm or deny industry speculation,” an NAB spokesperson said.
An ANZ spokesperson offered a similar response: “We don’t comment on market rumours.”
Both banking groups also stated the move is unlikely because of Australia’s four pillar bank policy, which prevents mergers between the four major banks.
Late last year federal treasurer Wayne Swan stated the Labor government would not abolish the four pillar policy.
“We want our financial services sector to be internationally competitive. We will sit down with the industry and talk to them about making it more internationally competitive, but we have no plans to change the Four Pillars policy,” Swan told Sky News.
