David Morgan, managing director of Westpac Banking Corp, poured cold water on the notion that banks from Asia might be working on takeover plans for banks in Australia.
"As to the particular threat from Chinese and Indian banks, in terms of takeover, if they're being rational about it, they'll really struggle to make sense of the sums," Morgan told
Sky News in a report broadcast on Sunday.
"We are well managed, efficient banks by global standards so I think the additional synergies that a Chinese or Indian bank could bring to a bank like us would be pretty low, frankly, and couldn't repay a takeover premium."
Asked about the four pillars policy that prevents mergers among major banks in Australia Morgan reiterated his view that it was time to revisit the policy.