Australian Retail Credit Association chief executive Mike Laing is stepping down after 10 years in the job. Laing has been with ARCA through the often controversial introduction of comprehensive credit reporting. Under his leadership, ARCA has broadened its scope from credit reporting to include open banking a responsible lending.

 

Commonwealth Bank has completed the bookbuild for its latest hybrid issue, CommBank PERLS XIV Capital Notes. It has allocated A$1.75 billion under the offer, with a margin of 2.75 per cent and a first call date of June 2029.

 

ANZ has continued with its management reshuffle. After announcing the appointment of Maile Carnegie as group executive for a combined Australian retail and digital division and the departure of Mark Hand, group executive Australian retail and commercial, the bank is moving Mark Evans, currently head of strategic planning and execution, institutional, to the role of country head Singapore, head of South East Asia, India and Middle East. He is replacing Vishnu Shahaney, who is retiring.

 

Consumer lender MoneyMe, which is in the process of acquiring rival SocietyOne, has secured an additional A$25 million of funding from Pacific Equity Partners. MoneyMe and PEP have an existing $50 million facility that was put in place last year. The funding will be used to complete the SocietyOne deal, which includes a $132 million issue of scrip and up to $9.7 million of cash.

 

Yellow Brick Road has signed a deal with NAB mortgage broking subsidiary Advantedge Financial Services for the distribution of white label products through the YBR network. The YBR branded product set will include fixed and variable rate mortgage and construction finance for home builders.