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ANZ Banking Group NZ and National Bank of NZ Public version Application by ANZ Banking Group New Zealand Limited for clearance of a proposed business acquisition 13 August 2003 Public version COMMERCE ACT 1986: BUSINESS ACQUISITION SECTION 66: NOTICE SEEKING CLEARANCE Date: 13 August 2003 The Registrar Business Acquisitions and Authorisations Commerce Commission PO Box 2351 WELLINGTON Pursuant to s66(1) of the Commerce Act 1986 notice is hereby given seeking clearance of a proposed business acquisition. Public version Contents 1. Executive Summary..................................................................................................... 8 • Introduction • A dynamic industry • No substantial lessening of competition • Conclusion PART I: THE TRANSACTION DETAILS 2. The business acquisition The business acquisition for which the clearance is sought ....................................... 11 3. The person giving notice Who is the person giving this notice ........................................................................... 11 4. Confidentiality Confidentiality of fact................................................................................................... 11 Confidentiality of specific information contained in the application ............................. 11 5. Details of the participant Who are the participants? ........................................................................................... 12 Who is interconnected or associated with each participant ........................................ 13 • ANZ • The National Group Does a participant or any other interconnected body corporate thereof already have a pecuniary interest in or is entitled to, any shares or other pecuniary interest in another participant? ................................................................................................................. 13 Links, formal or informal, between any participant/s including any interconnected bodies corporate and other persons identified above and its/their existing competitors in each market......................................................................................................................... 14 • ISL • VNZL • MasterCard International • EFTPOS and Credit Card Payment Services • Other Do any directors of the acquirer also hold directorships in any other companies which are involved in the markets in which the target company/business operates? ........... 17 5150101 2 Public version What are the business activities of each participant? ................................................. 20 What are the reasons for the proposal and the intentions in respect of the acquired or merged business?....................................................................................................... 21 PART II: IDENTIFICATION OF THE MARKETS AFFECTED 6. Markets ....................................................................................................................... 21 • Product markets • Geographical scope 7. Horizontal aggregation Horizontal aggregation: are there any markets in which there would be an aggregation of business activities as a result of the proposed acquisition? ............... 24 8. Differentiated products Are the products identified above standardised or differentiated?.............................. 24 9. Vertical integration Vertical integration: will the proposal result in vertical integration between firms involved at different functional levels? ........................................................................ 25 10. Previous acquisitions Identification of all previous proposed acquisitions involving either participant .......... 25 PART III: CONSTRAINTS ON MARKET POWER BY EXISTING COMPETITION 11. Existing competition In the market or market(s), who are suppliers of competing products including imports? ...................................................................................................................... 26 • Overview of existing competition • Core banking market • Other financial services • A dynamic market • Comment on safe harbours • Horizontal aggregation • Institutional corporate market • Middle corporate market • Credit card issuing market • Mortgage market • Personal loans market • Managed funds market 5150101 3 Public version • Rural banking market • SME market • Credit/debit merchant acquiring services market • Term deposit/savings account market • Transactions accounts market 12. Other considerations Please identify any firms that are not currently producing the product in the market, but could enter the market quickly in response to an attempt by suppliers to raise prices or reduce output or quality (new entrants) ........................... 48 • Introduction • Institutional corporate market • Middle corporate market • Credit card issuing market • Mortgage market • Rural market • SME banking market • Personal loans market • Term deposit/savings account market • Transaction accounts market Estimate the productive capacity that such new entrants potentially could bring to the market ...................................................................................................... 50 Please indicate the extent to which imports provide a constraint on domestic suppliers...................................................................................................................... 50 • Institutional corporate market • Middle corporate market • Other markets To what extent is the product exported?..................................................................... 50 Is National Bank a vigorous and effective competitor? ............................................... 51 13. Conditions of expansion Which conditions would be likely to act as a barrier to the expansion of existing competitors? ............................................................................................................... 51 • Introduction • Institutional corporate market • Middle corporate market • Credit card issuing market • Mortgage market • Rural market • SME market • Deposits • Debt/financing • Transactions 5150101 4 Public version • Merchant acquiring services • Personal loans market • Term depositions/savings account market • Transactions accounts market Businesses that already supply the market that could increase supply of the product concerned in the geographic market.............................................................. 57 • Introduction • Specific examples • Credit card issuing market • Rural market Of the conditions of expansion listed above, which do you consider would influence the business decision in each case to increase supply? ............................................ 58 How long would you expect it to take for supply to increase in each case? ............... 58 In your opinion, to what extent would the possible competitive response of existing suppliers constrain the merged entity? ....................................................................... 58 To what extent do you consider that the merged entity would be constrained in its actions by the conduct of existing competitors in the markets affected? .................... 59 14. Coordinated market power Characteristics of the market that facilitate or impede coordination effects................ 59 Characteristics of the market that facilitate or impede the monitoring and enforcement of coordinated behaviour by market participants ................................... 59 Evidence of price coordination, price matching or price following by market participants.................................................................................................................. 59 Reasons why the transaction will not increase the risk of coordinated behaviour in the relevant markets ................................................................................................... 60 PART IV: CONSTRAINTS ON MARKET POWER BY POTENTIAL COMPETITION 15. Conditions of entry Conditions likely to act as a barrier to entry ................................................................ 61 • Introduction • Regulatory barriers • New Zealand payment system • Lower value payments • Higher value payments • Institutional corporate market • Middle corporate market • Credit card issuing market 5150101 5 Public version • Mortgage market • Rural market • SME market • Personal loan market • Term deposit/savings account market • Transactions accounts market Business that do not currently supply the market(s) which could supply the markets ................................................................................................................. 67 What business conditions of entry do you consider would influence the business decision to increase supply in each case?.................................................................. 67 16. Likelihood, sufficiency and timeliness of entry How long would you expect it to take for supply to increase in each case? ............... 67 Given the assessed entry conditions, and the costs that these might impose on an entrant, is it likely that a potential entrant would consider entry profitable at pre-acquisition prices?................................................................................................ 68 Would the threat of new entry be at a level and spread of sales that is likely to cause market participants to react in a significant manner? ....................................... 68 What conditions of entry would influence the business decision to enter the market by setting up from scratch?........................................................................................
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