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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Columbus and ANZ make their defence against Pioneer's claims
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24 May 2013 6:46amA legal wrangle over the interest rate that applies to loans provided by Columbus Capital to a mortgage manager may turn, in part, on whether Pioneer Mortgage Services acquiesced to changes in terms several years ago.
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GE consumer finance seeks new owners
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24 May 2013 6:45amGeneral Electric is considering spinning off its consumer finance business in an IPO, a decision that may have ramifications for its Australian offshoot. » read more »
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ThinkSmart returns to profitability
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24 May 2013 6:44amThinkSmart has issued profit guidance, saying it expects to report a net profit of around A$500,000 for the six months to June – an increase of $2 million over the previous corresponding period. » read more »
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Briefs: Former Dominion CEO goes to jail, Payday lender changes ads, BOQ prices new capital markets issue
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24 May 2013 6:42amFormer Dominion Finance CEO goes to jail; Payday lender Nimble Australia changes misleading adverts; Bank of Queensland back in the capital markets.
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Three vie for sub-prime car lender
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23 May 2013 6:54amThe finance company behind sub-prime car lender Motor Finance Wizard remains in the red for the third year running, disclosure documents relating to the forced sale of the business show. » read more »
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Resimac and AMAC bid for RHG
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23 May 2013 6:53amMortgage lender Resimac has made a A$130 million offer to acquire the mortgage assets of RHG Ltd. » read more »
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Syndicated loan volumes tumble
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23 May 2013 6:51amThe Australian syndicated loan market took a tumble in the March quarter, with the number of deals falling from around 30 in the December quarter last year to around 10 in the latest quarter.
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AOFM sells more RMBS
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23 May 2013 6:49amThe Australian Office of Financial Management has sold about A$300 million of its holdings in residential mortgage-bacjked securities. The Government's finance arm announced yesterday that it had sold Apollo, SMHL and Torrens securities.
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ASIC bans Sydney finance broker
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23 May 2013 6:45amASIC has permanently banned a Sydney motor vehicle finance and insurance broker after it was found he had engaged in dishonest conduct. » read more »
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Briefs: Suncorp raises A$770 million of tier-two capital, long wait for trade payments, iCash appoints new directors
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23 May 2013 6:44amSuncorp raises A$770 million of tier-two capital; long wait for trade payments; iCash appoints new directors to stave off special meeting.
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NAB fulfils business bank's cost targets
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22 May 2013 7:03amNational Australia Bank is to relocate hundreds of support staff working alongside business bankers to seven sites in five mainland capital cities, but no job losses are planned. » read more »
