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Greens want Australia's banks broken up over 'shocking degree of rot'

Party would force Westpac, ANZ, NAB and the Commonwealth Bank to divest wealth management arms

Australian financial institutions including the big four banks would be forced to break up their businesses and perform just one of four key functions in a radical Greens plan to increase competition.

The plan would force Westpac, ANZ, NAB and the Commonwealth Bank to divest their wealth management arms while Westpac’s BT Financial Group, AMP and MLC would be broken up separating superannuation, insurance and wealth management functions.

Related: Australia’s big four banks and AMP have had to pay or offer $222m to customers

Related: Asic to embed staff in big banks to enforce compliance

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Source: The Guardian

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