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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Brokers originate increasing share of ANZ home loans
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27 October 2004 12:00amWithin the mortgages segment in Australia, ANZ said that home loan balances increased by seven per cent over the half year to $73.8 billion, and increased by 16 per cent over the full year. » read more »
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Disappearing transactors underpin cards revival
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27 October 2004 12:00am
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ANZ restructures SME banking
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27 October 2004 12:00amANZ has moved its small business banking unit into corporate banking in an effort to improve its performance in that segment. » read more »
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Project finance business sold
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27 October 2004 12:00amANZ announced yesterday that the sale of the group's London-based project finance business to Standard Chartered Bank completed the restructuring of its international business. » read more »
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New chief risk officer at ANZ
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27 October 2004 12:00amANZ's highly respected chief risk officer, Mark Lawrence, is leaving the group in December at the end of his five-year contract. » read more »
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RBNZ pulls the pin on Westpac mainframe move
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26 October 2004 12:00amThe Reserve Bank of New Zealand's requirements are proving a barrier to the flexibility of Westpac's management to seek savings in the operations of the bank's business either side of the Tasman. » read more »
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Eftpos aspirants diverge on interchange fee reform
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26 October 2004 12:00amTwo entities that are seeking to push into the bank-dominated Eftpos debit card processing sector have revealed divergent views about the appropriate reform of the interchange fee regime that applies in the sector. » read more »
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Shared Eftpos fees worth $110 million a year to Coles Myer
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26 October 2004 12:00amBank of Queensland's submission to the Reserve Bank over Eftpos reform draws upon evidence provided by Coles Myer to the Australian Competition Tribunal in April, and applies an estimate or guesstimate or two, to infer that over the five years to June 2003, Coles earned $410 million in revenue, from National Australia Bank, in the form of acquirer fees. » read more »
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Visa debit users more profitable to credit unions
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26 October 2004 12:00amCredit Union Services Corp, the main central service organisation for credit unions, provided the RBA with some deeper insight into the use by credit union members of their Visa Debit cards, an alternative debit card favoured by small banks and which operates through the Visa network, with credit card-style interchange fees. » read more »
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Home sets low horizon
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26 October 2004 12:00amHome Building Society Tony Howarth told the bank's annual meeting yesterday the board had resolved to concentrate the bank's efforts within Western Australia, and presumably putting paid to any short-term or medium-term plans to seek growth in other regional markets. » read more »
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Homeloans targets mortgage trust
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26 October 2004 12:00amHomeloans Limited managing director Robert Salmon said in its annual report, published yesterday, that it now sourced 55 per cent of new business through wholesale distributors and mortgage brokers, and that there was "considerable opportunity for Homeloans to grow our share of this channel." » read more »
