Commerce Commission clears ANZ to buy National Bank of NZ

5.10pm

The Commerce Commission has today cleared ANZ Bank to buy the British-owned National Bank of New Zealand, it said.

"The Commission is satisfied that the proposed acquisition would not have, nor would be likely to have, the effect of substantially lessening competition in the relevant markets due to the competition provided by the other major banks," said Geoff Thorn, Acting General Manager of the Commission.

A public version of the Commission's decision will be available in the next 10 working days.

The story so far

APRIL - Sources say Lloyds TSB wants to sell National Bank.

JUNE - ANZ says it is "least likely buyer" for National

Lloyds TSB admits it has hired Deutsche Bank to examine sale option for National

JULY - Lloyds TSB receives indicative bids.

AUGUST - Speculation focuses on Westpac, ANZ and HSBC as buyers

Waikato entrepreneur Phil Verry and son Marty say they want to bid

ANZ, then Westpac, lodge applications with Commerce Commission to buy National

Commonwealth Bank denies involvement

Reserve Bank demands compliance from potential buyers

SEPTEMBER - Westpac withdraws from sale process.

TODAY - Commerce Commission clears ANZ to buy National Bank of NZ