LONDON COMMENT
Recd, 6 p.m. London, Feb. 21. The “Financial Times” understands that the negotiations for a merger of the Bank of Australasia and the Union Bank of Australia have been proceeding more than 18 months. The object behind the amalgamation is to put the combined institution in _ a stronger position to meet the growing demand for financial accommodation which is anticipated during the economic development of the Dominions, and to take advantage of the industrial expansion which is expected.
The “Financial Times.” in an editorial, says nearly two decades have elapsed since an amalgamation between two big banking institutions. Of even greater importance, however, is the role the combined institution will play in the economic development of Australia and New Zealand. Evidence is ample that capital is seeking an outlet there. Their executives, feeling that as separate entities these banks are not large enough to cope with the expanding business and investment which is anticipated, have arranged a “marriage” on the principle that “unity is strength.”
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Wanganui Chronicle, 22 February 1947, Page 5
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167LONDON COMMENT Wanganui Chronicle, 22 February 1947, Page 5
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