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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Arab Bank curtails growth ambitions
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01 April 2004 12:00amThe local subsidiary of Arab Bank opted to take a bit of a breather in the closely related consumer and commercial loan market, with a decision to maintain the yield on the loan portfolio, as well as to reduce the exposure to single name borrowers (which this journal guesses were largely property developers and builders). » read more »
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ING on the march
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01 April 2004 12:00amThe much larger ING Bank Australia, by contrast, continues to pursue rapid growth, though at no obvious cost to profit. This journal's already reported ING Bank's local earnings, in euros, from the ING group accounts for the year to December 2003. Now the local banking subsidiary has released its full financial statements for 2003, eight weeks after the directors signed them off. That's bank disclosure to depositors for you. In any event, in Australian dollars this time: » read more »
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Business credit growth in reverse, housing stable
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01 April 2004 12:00amThe credit bubble in housing might be past its late 2003 peak, but the dip seems to be little more than a retreat to the frenetic growth rate that characterised the market over much of the 2001 to 2004 period. » read more »
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ANZ turns to franchise specialists
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01 April 2004 12:00amANZ Bank's Mortgage Solutions franchising system has hired in Steven Heavey formerly manager of lender partnerships at Mortgage Choice and Carmel Dal Ponte formerly at Rams Home Loans to run the new business. The pair's task to is to develop a nationally franchised business that would sell ANZ branded home loan products only. » read more »
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Rams relies on self employed clients
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01 April 2004 12:00amRams Home Loans customer appears to be is relying increasingly on self-employed borrowers, and as a result almost two thirds of its new business is low documentation loans. » read more »
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Credit unions attract better low doc borrowers
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01 April 2004 12:00amLow doc lending by credit unions is attracting a class of customer seeking to borrow well above the average loan size. » read more »
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NAB auditor faces fresh SEC scrutiny
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01 April 2004 12:00am
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Virgin Money profit flat
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01 April 2004 12:00amVirgin Money recorded an operating profit in the year to December 2003 of about £4 million, the annual report for 50 per cent shareholder HHG plc shows. The operating profit is unchanged from 2002. » read more »
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Kiwis cap RBNZ currency action
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31 March 2004 12:00amThe Reserve Bank of New Zealand will receive only two out of three requested doses of additional funding from the New Zealand government in order to support the central bank's plan to take a more interventionist approach to the foreign exchange market. » read more »
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Middle market, small business sustains lenders
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31 March 2004 12:00amThere's a widening divide between the borrowing plans of big business, the middle market and small business, but on the whole good news for lenders in the latest survey of business borrowing plans by East & Partners and JP Morgan. » read more »
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Commonwealth wins relationship share
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31 March 2004 12:00amPaul Dowling, principal analyst at East writes in the report that over the past six months, Commonwealth Bank has gained most in primary transaction banking relationships, while National Australia Bank appears to have stemmed its run of losses in the share of lead transaction banker. Westpac has also steadied its falling market share of relationships, while ANZ's growing share of primary relationships seems to have plateaued, and declined marginally in the latest set of figures. Those primary banking relationship market shares among the top 500 as measured by East at February 2004 are: » read more »
