Robert Johanson has used his final AGM address as Bendigo and Adelaide Bank chairman to call on regulators to embrace the instability and creative destruction he says comes with increased competition.
Mr Johanson, who is retiring on Tuesday after 31 years on the board, told the bank’s annual general meeting that the major banks have a massive advantage because of capital requirements put in place in 2007.
Mr Johanson said that rather than protecting the system from abuse through “hurdles and barriers to entry,” regulators should make it easier for different organisations to compete on a level playing field.
AAP
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