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).
- Rubik buys software from Macquarie
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22 May 2013 6:59amFinance industry software provider Rubik Financial has entered into a binding agreement to buy Macquarie Bank's Visor Desktop financial planning software. » read more »
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Macquarie hybrid hits price target
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21 May 2013 6:49amMacquarie Group is to sell A$600 million in capital notes, the bank said yesterday. This is sufficient to retire the convertible preference shares that the new hybrids will replace. » read more »
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Bendigo and Adelaide in dispute with community branch
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21 May 2013 6:49amBendigo and Adelaide Bank's community bank franchise is under strain, as the bank tries to take a bigger share of income, according to a report in The Australian.
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State Custodians cuts its variable rates again
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21 May 2013 6:36amMortgage manager State Custodians cut its standard variable rate mortgage rates by 25 basis points yesterday – the second time this month it has done so. » read more »
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Stricter advertising rules needed for debt agreement administrators
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21 May 2013 6:35amThe Consumer Action Law Centre has called on the insolvency regulator to impose stricter guidelines on advertising by debt agreement administrators, which, it says, is misleading. » read more »
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Briefs: China UnionPay joins EMVCo, GE Capital to sell insurance arm
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21 May 2013 6:32amChina UnionPay has joined EMVCo, the body which manages the EMV chip card payment system; GE Capital is said to be looking for a buyer for its consumer credit insurance business.
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Appointments: Thorn Group CEO extends contract
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21 May 2013 6:25amStore finance company Thorn Group has extended CEO John Hughes' contract by two years. » read more »
- Non-core sale plans develop at Suncorp
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20 May 2013 7:18amSuncorp is examining ways to sell off its non-core bank, the Financial Review reported. » read more »
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Keybridge will leave PR Finance team in place
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20 May 2013 7:17amKeybridge Capital, an activist debt investor is to press on with its bid to take control of sub-prime lender PR Finance Group. » read more »
- Endowment bond provider offers long-term deposit opportunity
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20 May 2013 7:16amA new provider of retirement income products is using zero-coupon bonds sourced from banks and semi-government issuers to provide investors with long-term income streams. » read more »
- Analysis: Newpin social benefit bonds only for wholesale investors
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20 May 2013 7:15amNSW Treasurer Mike Baird has announced the launch of the first social benefit bonds, the Newpin SBB. The Newpin SBBs are being offered by Social Ventures Australia and could yield up to 15 per cent while helping to reunite children in care with their families.
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