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‘Golden Period’ of Australian Banking Over, ANZ Bank Chief Says

  • Intense competition, tougher regulation to weigh on growth
  • ANZ Bank says first-half profit rises 4% to A$3.49 billion
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A Decade of Banks Behaving Badly Is Being Laid Bare in Australia

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A two-decade “golden period” for Australian banks is coming to an end as increased competition and the potential for tougher regulation weighs on growth, according to the chief executive officer of the nation’s fourth-largest lender.

“Our sector has had a golden period for 20-plus years and we don’t think that’s going to continue,” Australia & New Zealand Banking Group Ltd. CEO Shayne Elliott said Tuesday after the bank posted a small increase in first-half profit. “In a tough world, only the fit will really survive and prosper.”