But ominously for ANZ, many are reporting that their clients now want to steer clear of both banks in the fear that National Bank’s current high customer service levels will sink to ANZ’s poor standards.
"I don’t know how long they will operate as separate brands – logic says at some stage they will rationalise," says Charlie Reid of Mortgage Link Central Otago.
Wayne Oliver of Hamilton-based Oliver Financial Services, shares that doubt. "They say ‘in the immediate future,’ but I wonder how long the immediate future is. National Bank has always been held in high regard."
While ANZ Bank’s service levels are starting to improve, they still have a long way to go. "We constantly get complaints from people who bank with them," Oliver says.
If ANZ lets National’s standards slip, "they’ve paid a lot of money to lose a lot of goodwill," he says.
One reason for optimism that won’t happen is that National Bank head Sir John Anderson will head the ANZ operations in New Zealand. "That’s certainly a move in the right direction. If there are National Bank people running it or involved in the top tier administration, then that’s going to be a huge benefit." Oliver says.
Craig Seton at Mortgage Link Manawatu agrees and suggests it may end up being a reverse takeover with ANZ being absorbed into the National brand.
"If the senior National people are the ones driving this, it could be a good thing."
Nevertheless, he’s already finding clients are hesitant about getting mortgages from National now.
Sue Tierney at Auckland-based Mortgages by Design is determinedly optimistic. She points to the ASB Bank stable of brands and the fact that Sovereign and Bank Direct manage to operate in completely different niches.
"I really hope they keep their word – what we want is good healthy competition for our clients."
Tierney hopes ANZ Bank will learn from its own rocky merger with Post Bank and from Westpac’s difficult takeover of Trust Bank.
But if it does repeat past mistakes, "it’s going to create new opportunities for a new player," she says.
Mortgage Choice boss Miranda Caird says that while she would have preferred the takeover hadn’t occurred, she cautions against knee-jerk reactions against National Bank.
"I don’t believe ANZ can come in and change the culture overnight. They’ve bought National for its strengths and that’s definitely in the customer service area," Caird says.
Rob Parsons at Mortgage First in Canterbury says it could have been worse: "It could have been BNZ – at least it’s a broker-friendly bank that’s bought National."
