RBNZ mulls ANZ takeover

ANZ Banking Group aims to lodge an integration plan for its $A4.9 billion acquisition of the National Bank with the Reserve Bank by Christmas according to New Zealand's Independent newspaper.

Any combination of the "material parts" of the ANZ and the National Bank requires Reserve Bank approval.

Announced in October and completed on 1 December, the acquisition creates New Zealand's biggest banking group with assets of about $70 billion.

ANZ is targeting pre-tax annual savings of $A110 million