Big banks drop market share in cards

The Sheet this morning reports that the major banks have dropped market share in credit cards to competitors, mainly to foreign banks over the two years to February 2008. Over the preceding two years Commonwealth Bank dropped 2.5 per cent, NAB 1.0 per cent, ANZ 0.7 per cent and Westpac 0.5 per cent, a total loss of 4.7 per cent. In the report from MWE Consulting, Bankwest, Citibank and HSBC each picked up 0.6 per cent. MWE Consulting's director Mike Ebstein used APRA and RBA data to confirm these figures.

Source: The Sheet

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