A new report from multinational law firm MinterEllison that looked at the mergers and acquisition outlook for Australia’s financial services “towards 2030” has envisaged a number of changes to occur in the short term, most notably the idea that a fifth major bank will emerge.

A merger of regional banks servicing different geographic areas would provide greater scale and geographical scope, it said.

The additional acquisitions of smaller banks or mutual or credit unions would then address additional servicing gaps.

The report conceded such a process as being similar to what Australia’s current big four have undertaken “over at least the past 35 years”.

The report also noted that the next 10 years will likely see foreign banks looking to increase their presence in Australia despite the domestic sector continuing to experience significant problems and devaluation.

In particular, it identified Japanese and Chinese institutions among others having a “significant savings surplus and limited domestic or existing long-term growth opportunities” as potentially identifying Australia as an attractive market.

About the author

Grace Ormsby

Grace is a journalist on Momentum Media's nestegg. She enjoys being able to provide easy to digest information and practical tips for Australians with regard to their wealth, as well as having a platform on which to engage leading experts and commentators and leverage their insight.

About the author

Grace Ormsby

Grace is a journalist on Momentum Media's nestegg. She enjoys being able to provide easy to digest information and practical tips for Australians with regard to their wealth, as well as having a platform on which to engage leading experts and commentators and leverage their insight.

Grace is a journalist on Momentum Media's nestegg. She enjoys being able to provide easy to digest information and practical tips for Australians with regard to their wealth, as well as having a platform on which to engage leading experts and commentators and leverage their insight.

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