New Zealand asks treasury to engage with government-owned Kiwibank on raising new capital
SYDNEY, Aug 20 (Reuters) -New Zealand has asked the treasury to engage with government-owned Kiwibank on options for raising new capital, Finance Minister Nicola Willis said, after the competition watchdog on Tuesday said the country's personal bank sector lacked competition.
The government will inject some genuine competition into the market and will respond with urgency to all 14 of the report's recommendations, Willis said in a statement.
"I intend to issue a new financial policy remit this year to make clear the government's expectation that the Reserve Bank, in its policies and actions, supports a more competitive banking sector," Willis said.
Reporting by Renju Jose in Sydney; Editing by Jacqueline Wong
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