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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NZ banking regulator tightens limits on foreign banks
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03 November 2004 12:00amIt's taken more than 12 years, but New Zealand's banking regulators are coming to grips with the implications of foreign control of all the country's systemically important banks. » read more »
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National considers holding company structure
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03 November 2004 12:00amNational Australia Bank may be examining establishing a holding company that may help quarantine depositors in Australia from the failure of any of the bank's other banking subsidiaries outside Australia. » read more »
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ASB chases SuperBank into high yield deposits
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03 November 2004 12:00amASB Bank has decided to follow SuperBank into the high yield bank deposit into the New Zealand market, with the bank this week establishing an at call account that pays 6.20 per cent on all balances. There are no account keeping fees on the account, and nor are there are any transaction fees, since the account excludes transaction features such as Eftpos and ATM withdrawals. » read more »
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ANZ establishes joint venture in Cambodia
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03 November 2004 12:00amAs growth strategies in east Asia go, ANZ Bank's proposed US$9.9 million investment for a 55 per cent stake in a brand new bank in Cambodia is pretty small beer, and probably pretty low on long term opportunity. » read more »
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St George massages September profit
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02 November 2004 12:00amThe profit of St George Bank continues to taper, even as the bank turns to higher margin products such as low doc loans and business lending to arrest the erosion in margins. Without the benefit a number of one-off items, including the sale of shares in Cashcard and Mortgage Choice, and a distribution from one fund managed fund investment, the bank would have reported a decline in net profit in the September 2004 half. » read more »
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ANZ's Cambodian joint venture
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02 November 2004 12:00amAfter two years of negotiations, ANZ is to launch a joint venture in Cambodia with Royal Group, according to AFP. » read more »
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APRA banking statistics (continued)
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02 November 2004 12:00amYesterday's analysis of corporate lending for the six months to September, based on Australian Prudential Regulation Authority's monthly banking statistics, only commented on on-balance sheet cash lending. In the case of the major banks, a substantial part of their corporate lending is in bill acceptance facilities and inclusion of these balances changes the overall view of their performance and that of St George Bank. » read more »
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GE Money aims for $50 billion in assets
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01 November 2004 12:00amGE Australia chief executive Steve Bertamini said in an interview with the Nine Network that GE Money wants to grow its asset base in Australia to about $50 billion by 2007. » read more »
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Offers for NAB's Irish banks due this week
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01 November 2004 12:00amOffers for National Australia Bank's Irish subsidiaries are due at investment bankers Lazards by the middle of this week, according to yesterday's edition of the Sunday Herald. » read more »
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City Pacific ready to dump Terrain brand
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01 November 2004 12:00amCity Pacific said in the bidder's statement in connection with its proposed takeover of mortgage broker Terrain that it would use the acquisition of Terrain "to offer end user finance to the purchase of apartments in developments which have been funded by City Pacific." » read more »
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Westpac sells down Epic pipelines
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01 November 2004 12:00amWestpac will completely sell down its holding in several gas pipelines, rather than maintain a $50 million stake, following the receipt of sufficient bids from institutional investors for stakes in Hastings Diversified Utilities Fund, according to Bloomberg. » read more »
