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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The E to Z of taking on banks
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07 February 2005 12:00amThe Financial Review also features an article on Zopa, a British-based start-up that describes itself as a "lending and borrowing exchange [that] puts people who want to lend in touch with creditworthy people who want to borrow. There's no middleman. The borrower just pays a one per cent exchange fee to Zopa for acting as a facilitator." » read more »
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Pulse turnover nears $30ml
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07 February 2005 12:00amBrian Sherman, chair of payment switch Pulse International tells The Australian: "We've now got 10 per cent of ATMs and 20 per cent of non-bank ATMs linked to our system and the business is turning over about $25 million to $30 million a year." » read more »
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ASB defies the unbeatable
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04 February 2005 12:00amBank of New Zealand's price war in late 2004 seems to have met its key objective, with a gain in market share for the bank during December. ASB Bank, however, achieved a greater gain in market share during the month. » read more »
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Competition tough at the big end of town
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04 February 2005 12:00amThe big four banks are maintaining their 84 per cent share of primary transaction banking relationships in Australia with the top 500 corporates, while competitors continue to make inroads in other product areas, according to the latest research by East & Partners. » read more »
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Adelaide Bank returns decline in December half
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04 February 2005 12:00amAdelaide Bank portrayed their profit for the half year to December 2004 in the usual rosy terms, and if the only filter for analysis is lining up a list of records in a growing banking business in an expanding economy, as well as that stockmarket favourite of meeting (if not beating) expectations, then the bank's profit is fine. » read more »
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No dramatic shift in Adelaide Bank strategy
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04 February 2005 12:00amAdelaide Bank yesterday asked for a retraction on the two reports in this newsletter yesterday (edition #379). » read more »
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Yield declines from Adelaide home lending business
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04 February 2005 12:00amAdelaide Bank is seemingly going gang busters in the home loan market. The bank said its market share of housing loan approvals increased to a share of 3.5 per cent for the five months ended November 2004, compared with a market share of 2.8 per cent for the same period in 2003. » read more »
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Margins contain gains at Elders Rural Bank
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04 February 2005 12:00amElders Rural Bank is finding trading conditions a little more difficult as it matures. Through a press release (rather than through more detailed financial statements), ERB yesterday said that it recorded: » read more »
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Raters divided over Bridgecorp rating
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04 February 2005 12:00amA new service from banking monitor interest.co.nz that ranks financial institutions according to their strength, quality and profitability and known by the acronym SQP - produces some curious results. » read more »
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Adelaide Bank reconsiders retail strategy
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03 February 2005 12:00amAdelaide Bank is studying a shift in strategy, in which the bank would significantly reduce and even withdraw from conventional retail banking services in its home market in South Australia. » read more »
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Jamie McPhee confirmed as next Adelaide ceo
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03 February 2005 12:00amA more concrete decision that's emerged from the board of Adelaide Bank is that the bank's chief general manager of operations, Jamie McPhee, is now the board's preferred candidate to replace Barry Fitzpatrick as chief executive of the bank. No firm date has been set for Fitzpatrick's retirement, but that is likely in late 2006. » read more »
