When ANZ acquired National Bank from Lloyds it also got the wisdom (for a time) of Sir John Anderson and Steven Fyfe. Steven is to retire next month. I'm sure he will be useful on other boards.

Now both are gone it will be interesting to see how sure footed ANZ is in avoiding the anti-Aussie and anti-bigness sentiments that are the natural predators of our big banks.

Populist hostility to big money is found in most countries. Here it is remarkable how little reflection it has found in policy, since our banks became Australian dominated.

There is, however an increasing force of kiwi staff and ex staff with stories of Aussie arrogance. There is a natural habitat for the local challengers to occupy.