Banks get ready for battle

Monday 1 November 2004

A banking war over two-year fixed home loans is only the beginning of a new level of competition, says a top executive of one bank.

By The Landlord

Superbank chief operating officer James Munro says: "I think it is going to get increasingly competitive.

"Probably right across the retail banking landscape what we're going to see through next year is increased competition on every product line, including cards and transaction accounts."

He says his staff are calling the BNZ-led battle for two-year fixed home loan business "bank wars".

BNZ has pledged to beat any two-year home loan rate offered by major rivals on loans taken up by December 17.

ASB today starts Fastsaver, a savings account for electronic customers that will compete with Superbank's Supersaver.

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