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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Appointments: ANZ picks new head of private banking
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07 May 2013 6:55am
- Bank of Sydney in business
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06 May 2013 6:57amBeirut Hellenic Bank – the former Laiki Bank Australia – aims to cultivate a wider target market with a change of name. The bank will trade as Bank of Sydney from today. » read more »
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Kelly promises more productivity gains
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06 May 2013 6:56amWestpac overcame a period of weak income growth in the six months to Match by cutting costs and reducing impairment charges. In a result similar to ANZ's, Westpac's bottom line performance is also related to tighter discipline rather than growth.
» read more »
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Westpac managing like its 2006
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06 May 2013 6:56amThe shareholder-friendly consequences of the pricing power of dominant banks was on display in Westpac's half-year profit, released on Friday, with the bank opting for a special dividend that will lift its payout ratio to an effective rate of 84 per cent. » read more »
- WIB under pressure
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06 May 2013 6:54amAn increased appetite for corporate lending from reinvigorated banks in the northern hemisphere may put a brake on returns for wholesale banks in Australia. » read more »
- Low return Macquarie stands by its model
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06 May 2013 6:53amGlimmers of improvement in the financial performance of Macquarie Group's more intractable businesses in the last half of its financial year are being viewed by management as grounds to stick with a long-standing strategy and wait for the return of a more promising period in the market. » read more »
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Macquarie hybrid nears
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06 May 2013 6:52amAs flagged a month ago, Macquarie Group is going to replace the A$600 million of Convertible Preference Securities issued in 2008. It confirmed its intentions with the release of its 2013 results on Friday. » read more »
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No rush on Genworth float
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03 May 2013 6:55amGenworth Financial is taking a flexible view on the timing of its planned float of a 40 per cent stake in its Australian mortgage insurance business. » read more »
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ANZ back in covered bond market
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03 May 2013 6:54amANZ provided a reminder of the tightening spreads on wholesale bank debt overnight, with the sale of €1 billion in seven-year covered bonds at a spread of 17 basis points over mid-swaps. » read more »
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BPay's QR reader to go live next month
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03 May 2013 6:52amBill payment service provider BPay is aiming to have its latest offering, a QR code reader that is linked to a payment capability, ready to go to market next month. » read more »
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Advertisement: Cards & Payments Australasia 2013
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Cards & Payments Australasia will host a range of global international speakers renowned for their experience in cards and payments innovation. » read more »
