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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Macquarie Bank mum on cost of ING
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09 March 2004 12:00amMacqaurie Bank's declined to offer any useful financial details relating to its agreement to take over the equity sales and equity capital markets business of ING in east Asia and south Asia. All Macquarie's said is that the transaction will increase risk weighted assets by 0.6 per cent, that there's no material impact on the bank's balance sheet, increase staff by eight per cent, and that there's an overlap of about 150, or 15 per cent, of clients, between ING's and Macquarie's existing Asian business. » read more »
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Peak in the housing credit cycle "far away"
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09 March 2004 12:00amThe latest quarterly review from the Bank for International Settlements, published yesterday, includes a set of articles on the housing price and housing credit boom in many developed economies, which highlights the consequences for those economies of much of the innovation in housing loan product design and housing loan funding. According to BIS researchers: » read more »
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Scale drives Cashcard profit
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04 March 2004 12:00amCashcard's quest for scale in the automatic teller machine market is paying off, with the company effectively doubling its profit in the last six months of 2003, and looking to more robust profit growth. » read more »
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Cashcard a high price provider
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04 March 2004 12:00amThe scheme booklet states that Cashcard's interchange fees (for ATM transactions) range between $1.25 and $1.50, which would appear to be the highest in the market. » read more »
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First Data pays up to $259ml for Cashcard
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04 March 2004 12:00amFirst Data Corp will pay a minimum of $228 million and a maximum of $259 million to buy Cashcard from a group of investors that includes Gresham Private Equity, Suncorp, St George Bank, a few other former and current building societies, and a few dozen former executives and staff of Electronic Banking Systems. » read more »
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Golden handcuffs for Baker's team
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04 March 2004 12:00amFour Cashcard executives share in a $4 million golden handcuffs, payable one year after FDR takes over the company. » read more »
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Ken Gaunt keeps on golfing
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04 March 2004 12:00am
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Business banking earns 35 per cent of CBA profit
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04 March 2004 12:00amCommonwealth Bank's institutional and business service's division contributed "approximately 35 per cent" of the bank's net profit, executive general manager Michael Ullmer told a media briefing yesterday. » read more »
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Visa hires B&B chief
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04 March 2004 12:00amVisa's new chief executive is Christopher Rodrigues, currently chief executive of Bradford & Bingley, a British bank that dumped its mutual (and building society) status in 2000, transformed its image and become the leading provider of residential investment property loans in Britain. » read more »
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NBNZ lifts ANZ profit
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03 March 2004 12:00amWestpac and ASB Banks are improving their profit in the New Zealand market, Bank of New Zealand's profit is slipping, while at ANZ, which is now the largest bank in the market, the bank's disclosure for the December quarter is so far incomplete. » read more »
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Bank of New Zealand profit dips
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03 March 2004 12:00am
