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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Westpac renews call to review four pillars
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17 August 2005 12:00amWestpac managing director David Morgan yesterday reworked some lines on the debate over the "four pillars" bank policy for a speech to the Committee for Economic Development of Australia in Adelaide. » read more »
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Cards connection a thorn in the sale of Myer
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17 August 2005 12:00amThe Coles Myer public relations into the possibility that the Myer department store chain "might" be for sale might also be some convenient public relations to minimise scrutiny of the core Coles supermarket business, as the Financial Review points out today. » read more »
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Green & Sons takes a break NAB and trade creditors face a loss
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16 August 2005 12:00amProminent West Australian beef processor EG Green & Sons was believed to have traded at a loss for the past four years before suspending operations "for a period of two weeks" at the end of last week. » read more »
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Yield from Bendigo's community banks improving but low
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16 August 2005 12:00amBendigo Bank is achieving growth that's not much more than the overall rate of growth in credit across the banking industry, with the bank apparently happy to see other regional and niche banks such as Adelaide, Bank of Queensland and Members Equity Bank race away with much higher rates of growth within their core home loan markets. » read more »
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Bendigo shies away from riskier end of the mortgage market
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16 August 2005 12:00amRob Hunt pointed out that Bendigo Bank's credit quality improved over the course of the year, with a reduction in the level of home loans three months or more in arrears. » read more »
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Bendigo bungles over BAD tax
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16 August 2005 12:00am
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Bonus blues emerge at Mortgage Choice
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16 August 2005 12:00amSome owners of more than one franchise in the Mortgage Choice broking network are becoming cranky with the company over plans to restructure bonus payments that appear to penalise anyone who owns more than one franchise. » read more »
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ANZ still negotiating with Shanghai Rural Credit
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16 August 2005 12:00amShanghai Rural Credit Cooperative Union will reach one milestone later this month in a process that will eventually lead to an investment by ANZ Bank in the regional bank. » read more »
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RBNZ hints at flexibility over outsourcing
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15 August 2005 12:00amThe Reserve Bank of New Zealand may be showing more flexibility than expected over its policies about the operational independence, and geographical location, of the core banking systems that sustain the New Zealand operations of Australian-owned banks. » read more »
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KPMG favoured NAB over ANZ
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15 August 2005 12:00amFor banking industry history buffs, the Nine Network's report on Business Sunday, broadcast yesterday, into "Project Edwin" lifts the lid a little on one of the more methodical efforts by some of the country's top bankers to bring about further mergers at the top of the banking industry. » read more »
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NAB projected modest cost savings from ANZ takeover
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15 August 2005 12:00amWhat sorts of savings are feasible from an in-market merger of banks? The rule of thumb on such cost savings is in the order of between 25 per cent and 30 per cent, though internal National Australia Bank documents suggest that the typical cost savings from bank mergers in Australia exceeded 40 per cent of the expense base of the target bank. » read more »
