New Zealand's Commerce Commission said its investigation found no evidence to support a complaint from the Federated Farmers of New Zealand, which alleged potential anti-competitive, coordinated, cartel-like behaviour involving New Zealand banks associated with the Net-Zero Banking Alliance, according to a Monday statement.
The commission said it will be taking no further action.
The banks included ANZ Group Holdings' (ASX:ANZ, NZE:ANZ) New Zealand arm, Westpac Banking's (ASX:WBC, NZE:WBC) New Zealand arm, ASB Bank, Bank of New Zealand, and Rabobank New Zealand.
The complaint, filed in December 2024, alleged that the banks were coordinating their agricultural lending policies to align with Net-Zero Banking Alliance strategies and targets, which meant the banks were potentially acting anti-competitively.
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