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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iSelect ramps lead fees
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18 June 2013 7:09amFinancial comparison website iSelect is angling to increase revenue from customer leads by a factor as high as 15, as it overhauls the business model of its subsidiary, InfoChoice. » read more »
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CBA gives Firstfolio more time
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18 June 2013 7:08amEmbattled mortgage manager Firstfolio has been given another extension of its debt facility agreement so it can finalise a capital restructure. » read more »
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FlexiGroup's rate-pricing power at point of sale
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18 June 2013 7:07amVendor financing appears to be a lucrative niche, with the effective interest rate charged by FlexiGroup rising when rates are otherwise on the wane. » read more »
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ME Bank gets a tick from Moody's
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18 June 2013 7:05amMoody's has given ME Bank a strong endorsement in a ratings commentary issued yesterday. » read more »
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Mandatory breach reporting amendment passes House of Representatives
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18 June 2013 7:05amAn amendment to the Privacy Act, which will make reporting of serious data breaches mandatory, was passed in the House of Representatives and is now headed for the Senate. » read more »
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Briefs: NAB may spin off UK businesses, Keybridge is PR Finance Group's only bidder, ASIC focuses on sub-brands
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18 June 2013 7:04amNAB chief executive Cameron Clyne will be watching UK Government bank assets sales closely; Keybridge Capital is PR Finance Group's only bidder; ASIC focuses on bank sub-brand advertising's integrity. » read more »
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Appointments: ING Direct's local CIO off to group HQ
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18 June 2013 6:59am
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ANZ and Macquarie sanctioned for Singapore rate scam
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17 June 2013 7:17amANZ and Macquarie Bank will have to hold extra reserves with the central bank of up to US$300 million (A$250 million) after an investigation by the Monetary Authority of Singapore found the two Australian banks were linked to "attempts to inappropriately influence [interest rate] benchmarks."
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- Vulnerable households on the rise
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17 June 2013 7:17amThe proportion of households that are heavily indebted grew over the period from 2002 to 2010, increasing their vulnerability, and hence that of the broader economy, to an economic downturn. » read more »
- Technocash closes money moving business
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17 June 2013 7:16amBanks have choked funds transfer business Technocash, which said on Friday that it was "closing its money moving business." » read more »
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Deutsche in capital ratio row
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17 June 2013 7:14amA debate over the utility of conventional "Basel"-based measures of capital has flared, after a leading US banking regulator called Deutsche Bank's capital levels "horrible". » read more »
