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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Glencore pulls plug on banks and Henry Walker Eltin
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01 February 2005 12:00amThe exposure of banks to mining contractor Henry Walker Eltin is hazy, a day after the company appointed Ernst & Young appointed as voluntary administrators. » read more »
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NAB shrinks credit card offer
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01 February 2005 12:00amNational Australia Bank are paying some sort of compliment to Westpac and Virgin Money with their or "key ring" or "mini" Visa card, with NAB offering the card in five colours, two years after Virgin used this gimmick as one means of flouting their credit card into what turned out to be a receptive market. » read more »
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Visa reduces currency conversion fee
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01 February 2005 12:00amThe Financial Review reports that MasterCard and Visa agreed to provide banks that issue credit cards with more detailed information on the composition of foreign currency conversion fees. » read more »
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NAB performance "just not good enough" says former CEO
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01 February 2005 12:00amYesterday belonged to the real shareholders, as National Australia Bank held its much anticipated 2004 annual general meeting. » read more »
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Notice: AIBF CEO Thought Leadership Forum
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01 February 2005 12:00amThe AIBF CEO Thought Leadership Forum will be held in Sydney on Wednesday 23 March 2005. The forum provides an avenue for chief executives across the financial services industry to provide insights into the challenges and the daily leadership decisions they make. » read more »
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GEMICO counts on property appreciation
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31 January 2005 12:00amThe extent to which the mortgage market in Australia experienced a revival in growth rates in the last quarter of 2004, and it's composition, is an issue that's vexed a few commentators over the last week, with some energetic demonisation through last week of the monthly data published by the Australian Bureau of Statistics on the extent and composition of growth in home lending. » read more »
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PMI expects housing market to turn
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31 January 2005 12:00amBy contrast, Donald Lofe, the executive vice president and chief financial officer for PMI Group, in a separate investor briefing hosted at the end of last week by Citigroup, said that the loss ratio in PMI's mortgage insurance operations in Australia and New Zealand was between one per cent and two per cent. » read more »
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Suncorp starts to sort out banking
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31 January 2005 12:00amSuncorp Metway's management left some mystery in Friday's announcement via the stock exchange that it expected the profit from the group's banking division to be approximately 20 per cent higher for the December 2004 half year, compared with the December 2003 half year. » read more »
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Heritage winds back in mortgage market
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31 January 2005 12:00amHeritage Building Society changed tack during the second half of the 2004 calendar year, with the rate of growth in the bank's assets under management falling below system growth rates, and well below the rates of growth in business recorded during the boom in 2002 and 2003. » read more »
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Low doc loan estimates slippery
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31 January 2005 12:00amLow documentation lending is a fast growing segment of the home loan market in Australia, but how large this segment is and how fast it is growing remains pretty unclear. » read more »
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Commonwealth Bank shuffles retail chiefs
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31 January 2005 12:00amCommonwealth Bank has unified management responsibility for mortgages with the remainder of consumer credit, in the wake of the decision by the head of cards and consumer finance, Stephen Morrow, to take time out from the industry. » read more »
