Latest news and insights on banking and finance in Australia and New Zealand, as delivered in the daily 7am Banking Day email news service (subscribe or take out a free trial).
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NAB fulfils business bank's cost targets
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22 May 2013 7:03amNational Australia Bank is to relocate hundreds of support staff working alongside business bankers to seven sites in five mainland capital cities, but no job losses are planned. » read more »
- Reverse mortgage lenders are too risk averse
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22 May 2013 7:02amLenders that are serious about doing business in the equity release market should improve the terms of their reverse mortgages and consider introducing home reversion products, according to a University of NSW study.
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Westpac shuffles IT execs
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22 May 2013 7:01amWestpac chief information officer Clive Whincup has tweaked his team of direct reports to reflect changing priorities and to progress with the bank's A$2 billion Strategic Investment Priorities program. » read more »
- Indonesian banks too pricey for CBA
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22 May 2013 7:01amDavid Craig, chief financial officer of Commonwealth Bank, told The Australian that it was unlikely to buy a bank in Indonesia because "they're not for sale" and "certainly not at the price that we're willing to pay for them". » read more »
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Thorn Group invests for the future
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22 May 2013 7:01amConsumer finance company the Thorn Group has reported solid growth in revenue for the year to March 2013 but little change in its net profit – a result of the company increasing its investment in new products, distribution and branding. » read more »
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Kiwibank's capital needs divide S&P and Fitch
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22 May 2013 7:00amStandard & Poor's has changed the outlook for its A+ credit ratings for Kiwibank and state-owned parent NZ Post to negative from stable, saying there is a one in three chance of a rating cut in the next two years. » read more »
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Finance firms survive best
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22 May 2013 7:00amNew businesses operating in or on the fringes of financial services appear to have been more resilient than the average business during the era of the GFC. » read more »
- Rubik buys software from Macquarie
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22 May 2013 6:59amFinance industry software provider Rubik Financial has entered into a binding agreement to buy Macquarie Bank's Visor Desktop financial planning software. » read more »
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Macquarie hybrid hits price target
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21 May 2013 6:49amMacquarie Group is to sell A$600 million in capital notes, the bank said yesterday. This is sufficient to retire the convertible preference shares that the new hybrids will replace. » read more »
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Bendigo and Adelaide in dispute with community branch
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21 May 2013 6:49amBendigo and Adelaide Bank's community bank franchise is under strain, as the bank tries to take a bigger share of income, according to a report in The Australian.
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State Custodians cuts its variable rates again
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21 May 2013 6:36amMortgage manager State Custodians cut its standard variable rate mortgage rates by 25 basis points yesterday – the second time this month it has done so. » read more »
