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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Retail banking flying'
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28 April 2005 12:00amANZ chief John McFarlane reckons the retail banking business in Australia is the stand out feature of the half year result, and that this part of the business is "flying". The line is that the business is gaining market share, but this is a bit selective and mostly true in transaction products. » read more »
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Cheque fraud rises
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28 April 2005 12:00amSomeone enterprising, in the criminal sense of the word, has found a few flaws in some corner or other of ANZ Bank's internal processes, with $11 million lost in more than one cheque fraud. » read more »
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ING beat ANZ to investment in Bank of Beijing
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28 April 2005 12:00amANZ continues to search for a second investment opportunity in banks in China after being one of the runners up to Dutch bank ING, which last week said it would pay US215 million to buy a 19.9 per cent stake in Bank of Beijing. » read more »
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Still no comprehensive IFRS numbers
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28 April 2005 12:00amRecent surveys have revealed a woeful appreciation by investors of the potential impact of the new International Financial Reporting Standards on companies' results which is not surprising given the lack of disclosure so far. » read more »
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Returns continue to decline at ANZ
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27 April 2005 12:00amANZ Bank this morning hinted that it expected a pretty tepid growth in profit in the September 2005 half year, in the course of reporting a respectable enough growth in profit of between four cent and five per cent across the group, a trend reflected in most business units. » read more »
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ANZ retail brand takes the pain from NZ mortgage war
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27 April 2005 12:00amANZ had not published its New Zealand disclosure statement by the time of the (delayed) publication of this morning's edition of the newsletter, so this overview of the bank's New Zealand business is drawn from the business review reported in Australian dollars in the main profit pack published first thing today. » read more »
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Divisional profits steady in Australia
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27 April 2005 12:00amTurning to the three other divisions, or clusters, at which ANZ reports a profit ratio (rather than just the absolute level of profit): » read more »
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Commonwealth starts search for Murray's successor
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27 April 2005 12:00amCommonwealth Bank's chief executive David Murray confirmed he would leave the bank at the expiry of his contract in mid 2006. » read more »
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Suncorp looks to St George to manage margin lending
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27 April 2005 12:00amSt George Bank will undertake back office processing and product origination work for Suncorp Metway's margin lending activities, the Financial Review reports today. St George will take over the administration of Suncorp's margin lending book from JDV broking technology, which has had the business since mid-2000. » read more »
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More disclosure in store for finance companies
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26 April 2005 12:00amFinance companies in New Zealand need to improve their disclosure standards, and come clean in investment statements over related party transactions, revenue recognition and compound financial instruments such as convertible capital notes and subordinated shareholders' loans, a report published by New Zealand's Securities Commission on Friday recommends. » read more »
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AmEx and Diners take market share from NZ banks
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26 April 2005 12:00amNon-banks meaning in practice American Express and Diners Club are winning progressively larger share of the credit card and charge card market in New Zealand. » read more »
