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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ANZ losing customers in New Zealand
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11 March 2004 12:00amThe point of today's investor briefing is to help persuade sell-side analysts and investors on the merits of the acquisition. Just relying on the published presentation (as the briefing is only one third of the way through at publication), the chief new disclosure is that while customer acquisition at NBNZ has recovered after a brief hiccup, ANZ's own banking business in New Zealand has been steadily losing customers. » read more »
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BIS reverses cause of commercial property bubbles
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11 March 2004 12:00amDoes loose bank credit fuel a commercial property bubble, or do banks just fund inflated property prices that investors have decided they are going to pay anyway? » read more »
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St George quits development capital
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10 March 2004 12:00amSt George Bank will reduce its exposure investment in the development capital sector, with negotiations underway for the sale of the bank's stake in St George Development Capital II Limited to Quay Partners. » read more »
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St George Insurance fattens returns
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10 March 2004 12:00amAnd since the foregoing makes St George Bank topical, this is an opportunity to record the profits of the bank's elusive lenders mortgage insurance subsidiary, St.George Insurance Pte Ltd. » read more »
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Westpac business delinquencies rise
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10 March 2004 12:00amBusiness loans more than 90 days past due at Westpac increased in the quarter year to January 2004. » read more »
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Westpac home loan market share eases
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10 March 2004 12:00am
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No earnings guidance from Westpac
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10 March 2004 12:00amThe appendix to Pratt's presentation contains a mildly stronger statement than in the past of Westpac's determination to not provide the market with any earnings guidance beyond 2004. » read more »
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Farmers Finance profit ahead of forecast
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10 March 2004 12:00amFisher & Paykel Appliance Holdings is happy with the performance of its Farmers Finance and Farmers Card business acquired from Foodland late last year. » read more »
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Grocer running The Rock
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09 March 2004 12:00amA retired supermarket executive is the temporary boss at The Rock Building Society, after the incumbent, Mike Laffoley, agreed to a board request and resigned yesterday. Ron Smyth, 67, a non executive director of The Rock and also the former managing director of the Denhams supermarket chain in central Queensland, will replace Laffoley as interim chief executive. » read more »
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MasterCard back in the red
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09 March 2004 12:00amMasterCard Incorporated's financial results took a turn for the worse in the December 2003, for reasons that aren't well explained. » read more »
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Visa mulls reduction in debit interchange
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09 March 2004 12:00amAustralia' s own version of the retailers effort to undermine against scheme debit cards and the honour all cards rule is being fought out in the formal regulatory arena, with the Reserve Bank's formal "designation" of the Visa Debit product a couple of weeks ago. » read more »
