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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Investec returns three per cent
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09 August 2004 12:00amInvestec Bank (Australia), a boutique private bank and investment bank, has now filed its full financial statements for the year to March 2004. This newsletter's previously reported highlights of the bank's financials in Australia, in sterling, extracted from filings published in Britain of the Anglo/South African banking group. » read more »
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ASB Bank sells BBQ Factory
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09 August 2004 12:00amCommonwealth Bank's unintended foray into investment in the New Zealand retail sector has come to a rapid close, with the sale by ASB Bank in New Zealand of its whooly-owned stake in BBQ Factory to listed investor and autoparts importer, Hellaby Holdings. » read more »
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NZ IRD targets bank tax minimisation
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09 August 2004 12:00amThe wrangle between mainly Australian-owned banks and New Zealand's government over their tax affairs may be a drawn out dispute. » read more »
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Few owners for Mortgage Choice
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09 August 2004 12:00amMortgage Choice will debut on the Australian Stock Exchange tomorrow with few shareholders at the conclusion of a highly restricted initial public offering. » read more »
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Correction: NAB fired Chris Lewis
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09 August 2004 12:00amChris Lewis was the executive general manager of risk management fired by National Australia Bank back in March; as one of eight staff who paid the price for $360 million foreign exchange options loss. » read more »
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ING winds back Direct disclosure
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06 August 2004 12:00amING Bank dropped the relatively detailed disclosure it used to publish on income and earnings, on a regional basis, for the group's retail banking businesses in the quarterly financial results published overnight. » read more »
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Heritage slows loan growth and revives profit
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06 August 2004 12:00amHeritage Building Society appears to have lifted its performance in the June 2004 half year, despite a radical slow down in the rate of asset growth. This is a preliminary interpretation, since the full financial statements yet to be published, and nor did Heritage provide a copy of their press release. What follows is extracted from the Financial Review's report today, which looks like a light version of the press release. » read more »
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Outsiders line up for new NAB posts
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06 August 2004 12:00amNational Australia Bank has hired one outsider and is poised to hire another for key positions on the bank's management committee. » read more »
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Several aspirants for SCCI status
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06 August 2004 12:00amThere might be more aspiring entrants to the credit card market in Australia than have identified themselves so far. » read more »
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ACCC clears CECS
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06 August 2004 12:00amThe Australian Payments Clearing Association has secured the endorsement of the Australian Competition and Consumer Commission for a further five year clearance for the rules that govern the retail banking sector's Eftpos and automatic teller machine networks. » read more »
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Westpac and RBNZ tangle over systems and incorporation
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04 August 2004 12:00amThe Reserve Bank of New Zealand's bank supervisors seem to be evolving into an increasingly hands-on crew, with the central bank forcing Westpac to clarify one aspect of last week's investor briefing with respect to Westpac's New Zealand business. » read more »
