Australian-owned ANZ National yesterday announced the chains would be merged under the ANZ banner, resulting in the loss of about 200 contract jobs and some frontline staff, who may be able to apply for other roles.
Despite ANZ chief executive David Hisco's assurance that customers would be unaffected, competitors were quick to capitalise, New Zealand-owned Kiwibank and TSB booking newspaper advertisements referring to the announcement.
David Tripe, senior lecturer in banking studies at Massey University, said it was an excellent opportunity for rivals to try to lure disgruntled customers.
"There may be some carefully placed advertisements. Otherwise, it will simply be a case of waiting for them to walk in the door."
Banks could "very well" offer incentives for people to change banks, Dr Tripe said.
"The sort of thing you would do is undermine the switching costs and make it less expensive for people to switch, like knocking off joining fees."
ANZ National has about two million customers, 9000 staff and almost 300 branches.
Mr Hisco would not say how many were customers of National.
The only difference they would notice in their internet banking would be a change of colour scheme, from green to blue, he said.
Bank cards would be changed when they expired and pin numbers and other details would stay the same.
Dr Tripe said customers were particularly likely to switch if there were problems with banking systems when the brands were combined.
But Mr Hisco said the company had spent two years ensuring systems from both banks were the same.
Although 15 branches of the combined bank would close, there would be new branches in 15 extra communities.
Where National and ANZ branches were very close, they would combine in the larger branch, or one would move to a nearby area with demand.
About $100 million would be spent on rebranding and refurbishing branches over the next two years.
Mr Hisco said when customers realised there would be no changes to the way they banked, "logic should prevail" to stop them switching banks.
The bank workers' union said ANZ must make good on its assurances that jobs and services will not be cut as a result of the decision.
FIRST Union said ANZ's "worst-kept secret" came as both brands were doing well.
"The bank's plans for the change indicate they are well aware that no financial case can be made for the cutting of a single job as a result of this process," finance secretary Andrew Casidy said.
Prof David Lont, of the University of Otago's accountancy and finance department, said the merger signalled the end of an "iconic" New Zealand firm.
National had always been a "premium brand" and customers might feel nervous about whether they would receive the same high level of customer care at ANZ, he said.
The deal
• 15 branches will be closed, leaving about 280.
• Branches will open in 15 extra communities.
• 9000 staff employed in both banks.
• 2 million customers in both banks.
• The deal to use National's black horse logo ends in 2014.
• National Bank to be phased out over next two years.
