ANZ is now free to pull a Richard Branson and licence its brand to sell ANZ-branded financial products through its non-banking and non-financially regulated wing after regulators approved its restructuring, reports Callum Foote.
The shutters are still down. ANZ, APRA, the Australian Bankers Association, Treasury. Nobody wants to talk about a momentous regulatory change which will allow Big Four bank to expand into non-bank businesses.
Australias top banking lobbyist Anna Bligh, chief executive of the Australian Banking Association (ABA) declined to comment.
The corporate structure of individual banks is a matter for those banks in consultation with the Regulator, is the response from a spokesperson. This despite its professed commitment…
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