Banking sector’s growth slowing – RTE

Bankers are expected to report results on Friday after their three-month-old merger with NAB, the country’s biggest bank.

The announcement comes on the same day as the State Bank of Australia’s first quarterly results, which are expected after the end of March.

In a statement, the State Banking Group said it had completed the merger with a view to its commercial banking businesses remaining separate, with a focus on regional, rural and other small-to-medium sized banks.

The bank’s chief executive, Mark Pincus, said the merger was the result of an agreement to align the business’s strategic objectives.

“We will continue to focus on the needs of our customers, and this is reflected in the bank’s commercial banking business, which we believe remains distinct and distinctive,” he said.

Mr Pincuses comments came just days after the Federal Government announced it would sell the NAB Group, the state-owned bank.

It is the latest in a series of bank mergers that have been made by the Turnbull Government.

In October, it announced it was selling the Western Australian Bank Group to Australia’s biggest lender, ANZ, for $1.4 billion.

And in November, the Government announced the state owned National Australia Bank would merge with Queensland-based NAB in a deal worth $1 billion.

Topics:business-economics-and-finance,bankers,bank-news,australiaContact Sam WilliamsMore stories from Victoria

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