STAFF MERGER
Plan For Australian Ahd New Zealand Banks
(6.30 p.m.) LONDON, April 20. Plans, St present to the . earliest fqf telescoping Australian and New Zealand Banks and insurance offices in London are being discussed to the city, Says the Australian, Associated Press. The Ministry of Laboilt of amalgamating many financial organisations for the purpose of releasing manpower for the War effort, and a suggestion has been made. that Australian Banks centre all their activities in the Commonwealth Bank while New Zealand Banks would presumably centre In thp Bank of New Zealand. It is estimated that a large proportion of Australian banking staffs, at present numbering about Soo, would tte released.
The Australian Associated Press understands that the trading banks rert prove in effect far below the official estimate, while it also argued that it would be unfair to deprive the banks of goodwill sedulously pullt up qyejr a long period, plus an additional danger that, in the absence of cotnpetitipn, clients may transfer accounts to British bank®, entailing permanent toss to Australian and New ■ Zealand bankink cofinectioh®., ,
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Bibliographic details
Timaru Herald, Volume CLI, Issue 22253, 22 April 1942, Page 5
Word Count
178STAFF MERGER Timaru Herald, Volume CLI, Issue 22253, 22 April 1942, Page 5
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