British bank chief: Kiwis need to get tough to win

By Libby Middlebrook

New Zealanders are too modest and not pushy enough.

That's the attitude of one of the world's most influential bankers - Sir Brian Pitman - who was in Auckland yesterday to speak to executives about the challenges of the new global business environment.

"One of the things that concerns me about New Zealand is that you're not competitive enough," said Sir Brian, chief executive of the world's fourth largest banking organisation, London-based Lloyds TSB.

"There's too much focus on equality, not outstanding performance here. Your top people have to be paid more or you'll lose the best of them."

He said New Zealanders needed to be more proactive and competitive by promoting tertiary education and setting extremely high goals for industries like tourism, which had huge potential for growth in the global market.

"Sooner or later we will wind up with further more consolidations.

"You can't just put your prices up [to be competitive], because we're in a buyers market. There needs to be a commitment to excellence and customer service."

Chief executive of Lloyds TSB for almost 16 years, Sir Brian is primarily in New Zealand this week to review last year's merger between Lloyds-owned National Bank and Countrywide Bank.

He said Lloyds TSB, which is the world's most profitable banking organisation, with profits of sterling 3.2 billion in the last financial year, was keen to grow its financial services market in New Zealand through further acquisitions and mergers.

But he ruled out any acquisitions in the Australian banking industry unless Lloyds could secure one of the largest companies "where we can be amongst the leaders".

Sir Brian started his career with Lloyds TSB in 1952 and was appointed chief executive in 1983. He was knighted for services to the British banking industry in 1994.