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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Commonwealth redefines the mortgage market
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23 November 2004 12:00amCommonwealth Bank yesterday provided some ammunition to the critics who believe that the Australian Prudential Regulation Authority's new monthly banking series is a pretty shaky basis for analysis of key segments of the domestic banking market. » read more »
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Harley waters down talk of reducing broker commissions
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23 November 2004 12:00amHead of retail banking, High Harley, also said that the bank now sourced about 30 per cent of new home loan business through mortgage brokers, up from about 26 per cent in the year to June 2004. Harley also played down the recent reports, in this newsletter and elsewhere, about the bank's discussions with mortgage brokers about revising the commissions paid on some honeymoon rate mortgage products. » read more »
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Credit card transactors switch to CBA
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23 November 2004 12:00amCommonwealth Bank's gained a lot of market share in a hurry in the credit card market over the last year, though whether the increased market share is profitable is not too clear. » read more »
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Eftpos, AmEx and Diners displace four party credit cards
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19 November 2004 12:00amIndividuals and businesses continue to turn to debit cards and charges cards in preference to credit cards, data on payments card transactions for September 2004 shows. » read more »
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ANZ seeks Asian growth options
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19 November 2004 12:00amANZ Bank's annual report is a bit different this year, with stylised interviews with six business heads in addition to the usual rave from the chair and chief executive. These interviews are mostly , but not entirely, rhetoric while the annual report also includes some aspirational goals for each of the six business units. » read more »
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Shrinking NZ housing market behind price war
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19 November 2004 12:00am
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HomeSide takes lead in low doc market
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18 November 2004 12:00amNational Australia Bank has adopted the most aggressive pricing of any lender in the "low doc" segment of the home loan market, with the introduction from the beginning of this week of low doc loans across the entire product range of its HomeSide home loan brand. HomeSide is the brand used by National to sell home loans through mortgage brokers, and the products sold through this channel may vary from those sold through the bank's branded branch network. » read more »
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BNZ matched but not beaten in home loan market
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18 November 2004 12:00am
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Interstar's New Zealand loans already in arrears
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18 November 2004 12:00amInterstar is finding as much demand for low doc loans in New Zealand as in Australia, with almost half the loans in Interstar's first pool of New Zealand dollar loans advanced on the basis of either reduced or limited document verification. » read more »
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St George renews Gail Kelly's contract
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18 November 2004 12:00amSt George Bank said yesterday that it entered into a new contract with managing director Gail Kelly. The new contract has no fixed term, with the board required to give her 12 months notice if they want to fire her, and Kelly required to give six months notice is she wants to quit. » read more »
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IT underspend may derail sale of NAB's Irish banks
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17 November 2004 12:00amHBOS have pulled out of the bidding for National Australia Bank's two Irish banks, according to reports in yesterdays British and Irish newspapers. » read more »
