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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Up to 10 per cent of reverse mortgages will end up in the red
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13 October 2004 12:00am
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Record on track
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13 October 2004 12:00amRecord Investments' chair Tony Berg told the annual meeting yesterday that he expected profitability to improve in line with investment levels, but information was otherwise pretty thin in the published presentations from the AGM. » read more »
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BankWest picks Unisys for cheque processing
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13 October 2004 12:00amBank of Western Australia picked Unisys Payment Services for a five year business process outsourcing contract. » read more »
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Equity Trustee takes control of ANZ trustee unit
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13 October 2004 12:00amANZ Bank has decided to fold its trustee business into Equity Trustees, in an agreement that will see ANZ emerge with a 37.5 per cent stake in the merged company. Equity Trustees will also pay ANZ $3 million in cash. » read more »
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ANZ halves cost of corporate centre
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13 October 2004 12:00amANZ Bank will cut the staff cost of its corporate centre by more than half, through the simple expedient of reallocating those people and costs to the business units to which many tasks now seem to relate. » read more »
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NAB's Irish sale reprised
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13 October 2004 12:00am
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Lazard hurries NIB and Northern sale
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12 October 2004 12:00amNational Australia Bank may be looking to make a rapid decision on the sale of its two banks in Ireland, with one informed report suggesting that NAB wanted to announce the sale no later than the day the bank publishes its full year results on November 10. » read more »
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Bell trial emerges from the shadows
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12 October 2004 12:00amThe drawn out litigation between the liquidator of the failed Bell Group of companies and Bell's banks scores a rare report in daily newspapers today, reinforcing the pity that this re-examination of the central collapse of the boom and bust of the late 1980s and early 1990s is passing unscrutinised by the media. (Not this newsletter has the resources to follow the trial either). » read more »
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CBA's Bruce Munro defects to NAB
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12 October 2004 12:00amNational Australia Bank has hired Commonwealth Bank executive Bruce Munro, general manager of transaction and custody services, a task that includes managing National's merchant acquiring business in Australia. » read more »
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Eight per cent of retailers now surcharging
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12 October 2004 12:00am
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Home loan demand tracks sideways
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12 October 2004 12:00amThe continuing rise in the significance of first home buyers as a force in the home loan market is probably the chief theme of the August 2004 home finance data published yesterday by the Australian Bureau of Statistics. » read more »
