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By Tim Neary
March 10, 2011
Asked if NAB would match Westpac's commitment to pass cheaper funding costs onto consumers, CEO Cameron Clyne said the NAB already had lower rates than other majors.
Speaking at an Australian Israel Chamber of Commerce function in Sydney yesterday, Clyne said: "We won't ask our customers to wait until 2013-1014, we did it in 2009. Our customers are already 18 basis points better off than Westpac."
He said that NAB's break-up marketing campaign is generating a spike in new business for the bank, indicating, that the public is "hungry for change".
The bank has seen an influx of customers since the start of its advertising blitz, reports Australian Brokernews.
Clyne also rubbished the government's proposed banking reforms, claiming they would stifle industry competition rather than encourage it.
"The thing that really gets on my nerves is this nonsense that NAB is destroying industry profitability. If you want to see industry profitability destroyed, get a government involved," he said.
Related Story
Westpac takes knife to interest rates - Putting its money where its mouth is, Westpac has cut rates across a number of its mortgages.
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