Avoiding casualties in the banking war

The battle between ANZ Bank and National Australia Bank for business customers looks to be over as ANZ licks its wounds following a hard lesson from Forge Group.

The business customer war – the so-called 'shootout' – between Australia and New Zealand Banking Group and National Australia Bank appears to be over. And, as I explain below, it would seem the near collapse of the engineer Forge Group played a big role in making all banks a little more cautious, but particularly ANZ Bank.

Those businesses that did good deals during the ‘war’ should be grateful. Those that hoped to do better deals in 2014 will be disappointed.

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