Mergers would allow local banks to grow

Chief executive of the ANZ, John McFarlane, has said that the next challenge for the Australian banking system is overseas expansion, but that mergers between the major banks would need to be allowed to enable this. He said that the Asian region was the “natural province for Australian banks”, but in Singapore the major banks were roughly the same size as Australia's big four and China had the largest banks in the world by market capitalisation. Mr McFarlane was speaking on the eve of his retirement, after 10 years at the helm of ANZ.

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