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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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 »
- Reverse mortgage lenders are too risk averse
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22 May 2013 7:02amLenders that are serious about doing business in the equity release market should improve the terms of their reverse mortgages and consider introducing home reversion products, according to a University of NSW study.
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Westpac shuffles IT execs
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22 May 2013 7:01amWestpac chief information officer Clive Whincup has tweaked his team of direct reports to reflect changing priorities and to progress with the bank's A$2 billion Strategic Investment Priorities program. » read more »
- Indonesian banks too pricey for CBA
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22 May 2013 7:01amDavid Craig, chief financial officer of Commonwealth Bank, told The Australian that it was unlikely to buy a bank in Indonesia because "they're not for sale" and "certainly not at the price that we're willing to pay for them". » read more »
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Thorn Group invests for the future
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22 May 2013 7:01amConsumer finance company the Thorn Group has reported solid growth in revenue for the year to March 2013 but little change in its net profit – a result of the company increasing its investment in new products, distribution and branding. » read more »
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Kiwibank's capital needs divide S&P and Fitch
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22 May 2013 7:00amStandard & Poor's has changed the outlook for its A+ credit ratings for Kiwibank and state-owned parent NZ Post to negative from stable, saying there is a one in three chance of a rating cut in the next two years. » read more »
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Finance firms survive best
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22 May 2013 7:00amNew businesses operating in or on the fringes of financial services appear to have been more resilient than the average business during the era of the GFC. » read more »
