MERGER OF BANKS.
REASONS FOR THE STEP. STATEMENT BY DIRECTORS. BYDNEY, Sept. 4. The directors of the Australian Bank of Commerce in a circular to its shareholders say the proposed merger with the Bank of New South Wales was arrived at " owing to the general outlook as we saw it, and owing to the reduced turnover in all financial transactions, which is likely to operate in the next few years. These factors preclude the likelihood of substantial profits on the shareholders' funds." The board also took into consideration the benefits to bo derived by the abolition of overlapping banking facilities in places where the two banks are established. The terms of the merger will be submitted to separate extraordinary meetings of the shareholders of these banks on September 15.
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New Zealand Herald, Volume LXVIII, Issue 20970, 5 September 1931, Page 11
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129MERGER OF BANKS. New Zealand Herald, Volume LXVIII, Issue 20970, 5 September 1931, Page 11
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