FED: Banks trying to get around four pillars policy: union

AAP General News (Australia)
02-15-2000
FED: Banks trying to get around four pillars policy: union

The Finance Sector Union says a deal by two major banks to merge part of their office
operations will cut competition and consumer choice.

The Union's called on the federal government to stop the Westpac-Commonwealth Bank
venture which could cost 700 jobs, saying the banks are trying to get around the government's
four pillars competition policy.

The Union's New South Wales secretary GEOFF DERRICK says the move is an attempt by
the banks to merge by stealth.

Under the proposed venture, the two banks would combine their key back office functions,
including processing cheques, to save an estimated $100 million.

The Union will meet with members tonight to discuss their next course of action.

AAP km/tsm/wz/rp

KEYWORD: BANKS UNION (SYDNEY)

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