Whether or not the AXA and NAB merger made good business sense is not the question for me.
I plain and simply think that this is a huge political stunt by the ACCC. They are just wanting to be seen to be doing something of importance. Same as a heap of other idiots too far up the a$$ of KDudd.
The mere fact that they can allow Westpac/ St George, CBA/Bankwest and Bendigo/ Adelaide Bank mergers without so much as blinking and then knock this NAB/AXA merger back under the proviso of better outcomes and MORE competition is a compelte load of it if you ask me.
Wealth managers and Fund managers are consolidating all over the world anyway and will continue to do so.
Explain this then ACCC?-
The Government provides the bank guarantee -non bank lenders are basically non existent now due to credit markets tightening and their share of mortgage market now down to 3% from just under 10%. These merged Banks are now reaping in the $$$$ whilst interest rates rise and with larger share of market. The is basically nowhere else to source a loan at present apart form the majors.
And NOW they want to stand tall and say the are helping to provide a better outcome for consumers!! Absolute B.S if you ask me. Tell me that the mergers above did not reduce competition in the mortgage market. How was this better for Aussie consumers?! Greame Samuel you disgust me.
Just my 2 cents
Cheers Spek
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