New Aust, bank
PA Melbourne The first new trading bank in Australia for more than 50 years was opened here yesterday by the Federal Treasurer (Mr John Howard).
Named the Australian Bank, it is the brainchild of the Perth millionaire, Mr Garrick Agnew, a director of the Bank.Mr Howard said it would add to competition in the banking system. “I wish it fierce and vigorous competition, and of its competitors I wish them the same competition,” he said. Australia has recently seen banks merge and get bigger, but Mr Agnew said yesterday this would favour rather than affect his bank.
“Banking relationships are reasonably stable and every time banks merge people reexamine those relationships.
"Their choice narrows, and both of these things must be in favour of the new bank," he said.
Mr Angew said: “The bank could offer a better and more sophisticated service than other banks.
"This is by virtue of its computer system being years in advance of the rest of the industry. “We don't hope to be the largest, or second-largest, but the best.”
New Aust, bank
Press, 15 August 1981, Page 18
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