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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NAB's credit card antics
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22 September 2004 12:00amNational Australia Bank's decided to begin to exploit its issuing relationship with American Express as a customer acquisition tool rather than as an essentially defensive relationship for its credit card business. » read more »
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CBA writes down EDS investment
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22 September 2004 12:00amCommonwealth Bank of Australia has written down the value of investment in EDS Australia to $193 million at June 2004, down from $225 million at June 2003. The bank did not disclose any details on the financial performance of EDS Australia in that period, but did say in a footnote that "the equity accounted loss of $32 million principally relates to a change in revenue recognition policy by EDSA." » read more »
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And CBA writes down China investment
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22 September 2004 12:00amCommonwealth Bank might have just invested $25 million in Jinan City Commercial Bank in China, but the bank's also now written off a chunk of its life insurance investment in China. » read more »
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BNZ caves in on Access trust accounts
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16 September 2004 12:00amNational Australia Bank's rhetoric about the priority given to reputation management turns out to have some substance, with the decision by the bank's subsidiary in New Zealand yesterday to release all funds frozen at the beginning of last week in trust accounts with the bank in the name of customers of the failed online stockbroker Access. » read more »
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News Corp throws Dialect a lifeline
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16 September 2004 12:00amPayments processor Dialect Solutions has secured a lifeline in the form of a $7 million, limited recourse and interest free loan from News Corp. » read more »
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Dialect eyes global growth
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16 September 2004 12:00amDialect and its subsidiary QSI are in the business of payments processing, mostly through interactive voice response systems and online credit card gateways. The business developed out of an entity known as News Connect, which counts Virgin Blue, Foxtel, American Express, HSBC, Commonwealth Bank and National Australia Bank as customers. » read more »
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AMP doubles Indian investment
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16 September 2004 12:00am
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Half now, half later for Packer and co
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14 September 2004 12:00amThe vendors of Australian Financial Investment Group have agreed to a conditional contract for the sale the business to GE Money, with the buyer to pay half the purchase price up front and half subject to the performance of the AFIG business. » read more »
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Clive Isenberg retires from Scottish Pacific
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14 September 2004 12:00amClive Isenberg, one of the fixtures over two decades in the small but now fast growing business financing segment of factoring and discounting has retired from St George Bank, with Kevin Ayres, a long serving bank executive taking his place. » read more »
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Invoice discounting takes off
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14 September 2004 12:00amInvoicing and its close cousin factoring is one segment of the business banking market that's growing well above average. » read more »
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BNZ maintains freeze on Access funds
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13 September 2004 12:00amBank of New Zealand has found itself in a spot of considerable public relations, if not especially deep financial, bother over its role in the treatment of funds in BNZ-controlled trust accounts operated by the failed discount stock broker Access Brokerage. » read more »
