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Price war hits ANZ shares.
(From The Dominion Post)
Byline: WEIR James
NZ performance lower than expected after mortgage market fight.
SEVERE competition in the mortgage market is flattening ANZ National Bank's profits, knocking a hole in the share price of Australian parent ANZ.
Shares in Australia's third-largest bank fell as much as 1.5 per cent yesterday after the bank said its financial performance in New Zealand was flat and worse than expected.
"New Zealand has been impacted by severe price competition in the first quarter," chief executive officer John McFarlane said.
ANZ National accounts for about a fifth of ANZ's group profits, following …
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