Change of owner hurts National Bank

Customer satisfaction with National Bank has fallen under ANZ ownership, an Australian survey shows.

The Roy Morgan Research survey found that while ANZ had the best satisfaction rating in Australia at 74.7 per cent, National Bank's rating had dropped markedly under its ownership.

Satisfaction with National Bank was 79.9 per cent in May 2003 but fell to 74.5 per cent in the six months to June 2006. Ironically, satisfaction with ANZ in New Zealand rose to 67.2 per cent from 60.5 per cent in the same period.

ANZ bought National from British bank Lloyds TSB for $5.7 billion in October 2004.

Commonwealth Bank of Australia, owner of ASB, is the worst performer in Australia at 62.9 per cent, while ASB remains top in New Zealand at 80 per cent, slightly down from 80.8 per cent in 2003.

Satisfaction with Westpac fell from 63.3 per cent to 62.7 per cent, the worst performance in New Zealand.

"Westpac in Australia has consistently been ahead of its peer group in satisfaction scores between 2003 and 2006, however the reverse case applies for its New Zealand operations, where Westpac consistently fails to meet the standards set by its immediate rivals," Norman Morris, of Roy Morgan, said.

"During 2006, Westpac has suffered a decline in satisfaction ratings in the Australian and New Zealand markets, however the damage appears to be more noticeable at its New Zealand subsidiary."

BNZ lifted its performance from 66.8 per cent to 70 per cent, slightly better than its parent, National Australia Bank, on 68.7 per cent.

- NZPA