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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ANZ exit strategy based on equity for debt swap
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07 March 2005 12:00amOne difference in ANZ Bank's approach to direct equity investment is that rather than attract sequential rounds of equity and mezzanine funding to a growth company as a prelude to a trade sale or a listing on the stock exchange, the preferred exit strategy seems to be sell the bank's equity in the business back to its owners. » read more »
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Barry Fitzpatrick in for the long haul at Adelaide Bank
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07 March 2005 12:00amBarry Fitzpatrick, Barry Fitzpatrick at Adelaide Bank, may share Rupert Murdoch's philosophy on managing your own retirement: don't. » read more »
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Low doc loans increase at Adelaide Bank
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07 March 2005 12:00amAdelaide Bank managing director Barry Fitzpatrick told ABC that 40 percent of the bank's home loan approvals were now coming through low doc loans. » read more »
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Banks hold back on high yield deposits
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07 March 2005 12:00amA couple of deposit-taking institutions with high yield deposit accounts bumped up their interest rates at the end of last week, but most deposit takers in this category are waiting to see if they have to pay higher deposit rates in line with higher money market rates, and the rise in the Reserve Bank of Australia's official cash rate last week. » read more »
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HBOSA returns dip in second half
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03 March 2005 12:00amBritish bank HBOS last night reported that its subsidiary, HBOS Australia which includes Bank of Western Australia, BOS International (Australia), Capital Finance and St Andrews Insurance reported a 17 per cent increase in profit in 2004. » read more »
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BankWest buys brand recognition
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03 March 2005 12:00amDavid Willis, chief executive of HBOS Australia in an interview yesterday would not disclose many more details on the bank's results for 2004, including the real levels of costs incurred in 2004 and planned for 2005. » read more »
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Lenders look for leadership as Reserve raises rates
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03 March 2005 12:00amBanks had a few weeks, or more, to think about what to do when the big day arrived, but nobody took the initiative yesterday and made any public changes to interest rates on variable rate products. » read more »
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Thiri closes Pay by Snap
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03 March 2005 12:00amThe operators of alternative payments service Pay by Snap have decided to call it a day. » read more »
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AmEx and Diners regulation offers too few benefits
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03 March 2005 12:00amPhilip Lowe, assistant governor (financial system) at the Reserve Bank of Australia Visa International's member forum in Melbourne yesterday that any move to regulate American Express and Diners Club pricing practices in a manner equivalent to the RBA's rules in relation to Bankcard, MasterCard and Visa would not work. » read more »
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GE cranks up the credit machine
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02 March 2005 12:00amGE Capital turned on the public relations machine to promote a couple of product initiatives through newspapers today. » read more »
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Pepper not for sale
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02 March 2005 12:00amPepper Home Loans' managing director Richard Klemmer yesterday scotched talk that Redstone and other investors in the non conforming lender were looking for a buyer. » read more »
