QLD:Swan welcomes banks "break-up"

AAP General News (Australia)
02-15-2011
QLD:Swan welcomes banks "break-up"

By Gabrielle Dunlevy

GOLD COAST, Feb 15 AAP - Federal Treasurer Wayne Swan has welcomed a "scrap" among
the big four banks, saying it is a result of his government's moves to increase competition
in the sector.

The National Australia Bank (NAB) on Tuesday took out national newspaper advertisements
addressed to its rivals - the Commonwealth, ANZ and Westpac - saying "it's over between
us".

The mock break-up letter says the NAB and its competitors have "grown apart", with
the NAB saying it had done better than the others on interest rates, abolishing fees and
placing ATMs.

"It's terrific to see the NAB throwing down the gauntlet to the other banks, it's about
time they had a scrap, it's about time we had a bit of competition," he told reporters
on the Gold Coast on Tuesday.

"And largely I think this is coming about because the government has put a package
out there which encourages competition.

"We put some real markers in the ground and now we're starting to see some competition
coming in the sector."

AAP gd/crh/jlw

KEYWORD: BANKS SWAN

� 2011 AAP Information Services Pty Limited (AAP) or its Licensors.