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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What are the lessons?
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02 August 2004 12:00amThis report is the latest in a line of critical reviews of different parts of the NAB group, although the events concerned pre-date both the HomeSide and currency options scandals. » read more »
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Allianz and Tower buy into AFG
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30 July 2004 12:00amAllianz and Tower Group will each invest $7.5 million for a five per stake each in Australian Finance Group, in an agreement that values the mortgage aggregator at $150 million. » read more »
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The best it gets at Adelaide Bank
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30 July 2004 12:00amLow doc and other loans priced at a premium to the standard market underpinned the momentum in earnings at Adelaide Bank, which reported its result for the full year to June 2003 yesterday. » read more »
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RBNZ endorses Westpac NZ mainframe move
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30 July 2004 12:00amWestpac appears to have been more successful in some of its negotiations with New Zealand regulators about its trans-Tasman computer operations than ANZ. » read more »
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IFRS to increase volatility of Westpac's earnings
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30 July 2004 12:00amCompliance with new international financial reporting standards will cost Westpac around $26 million, according to the bank's chief financial officer, Phil Chronican. » read more »
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Basel II reduces Westpac's risk weighted assets
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30 July 2004 12:00amWestpac's risk weighted assets should fall by at least 25 per cent under the new Basel II capital accord, according to chief financial officer, Phil Chronican. » read more »
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Cost cuts salvage HBOS profit
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29 July 2004 12:00amCost cuts offset subdued growth in revenues, below average growth in receivables and a rise in the charge for bad debts to ensure moderate profit growth at HBOS's Australian businesses in the first half of 2004. » read more »
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Cards rewards take a dive
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29 July 2004 12:00amThe appeal of some credit card reward schemes will be in for another knock, with Air New Zealand expected to announce a devaluation of its Airpoints-branded frequent flyer point scheme. » read more »
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Westpac hires new CIO for retail bank
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29 July 2004 12:00amWestpac have hired seek.com.au chief information officer Patrick Eltridge as CIO for its business and consumer banking division. » read more »
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Good news and bad news for NAB's corporate business
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29 July 2004 12:00amDesperately seeking some positive media coverage, National Australia Bank earlier this week rolled out some "news" about its leading position in agribusiness that division head Mike Carroll had apparently presented to a UBS financial services conference a month ago. » read more »
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Home loan market not so soft after all
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28 July 2004 12:00amThe housing loan market may have bounced back in May and June by more than many observers might expect, if Commonwealth Bank's experience is anything to go by. Either that, or Commonwealth Bank's stolen some important additional basis points market share in the domestic home loan market recently. » read more »
