Branches Of Foreign Bank

• Banking Day staff

In one of its first acts since its swearing in, New Zealand’s new National-led coalition government has amended the remit of the RBNZ’s monetary policy committee, removing the ‘dual mandate’ introduce.. read more

• George Lekakis

National Australia Bank will close a range of Citi-branded deposit and transaction accounts to new customers in May, but says it will ramp up marketing of Citi’s stalled buy now pay later platform. read more

• Banking Day staff

The Reserve Bank of New Zealand has launched its second and final consultation on the review of its policy for branches of overseas banks.
 
 read more

• John Kavanagh

APRA has granted South Korea’s NongHyup Bank a licence to operate as a foreign authorised deposit-taking institution. read more

• John Kavanagh

Foreign banks maintained asset growth in Australia in 2021 but the rate of growth was well below the 2020 level, according to Minter Ellison’s latest Foreign Bank Tracker. read more

• George Lekakis

A surge in mortgage lending volumes at Citigroup’s Australian subsidiary could result in National Australia Bank having to pay more than $A1.2 billion to acquire the American bank’s local consumer ban.. read more

• John Kavanagh

NAB’s acquisition of Citigroup’s Australian consumer banking business moved one step closer to completion this week, when the Treasurer gave his approval for the deal. read more

• George Lekakis

Citi Australia confirmed yesterday that it will stop issuing cheque books next month as customers flock to digital ways of paying. read more

• George Lekakis

Citibank has frozen the accounts of subscribers to its Spot buy now pay later service after the bank introduced new measures to verify information received from customers. read more

• Banking Day staff

Queensland-based Heritage Bank has opened a branch at Macquarie Centre, a shopping mall in the Sydney suburb of North Ryde. read more

• Ian Rogers

Rate lift off in May 2023 was the Deutsche Bank call last night – 0.75 per cent by December 2023. read more

• John Kavanagh

The Treasurer has introduced a bill that removes concessional tax treatment for offshore banking units, with all offshore banking activities to be subject to the company tax rate from the 2023/24 inco.. read more

• George Lekakis

National Australia Bank is set to stir strategic tensions with global card schemes Visa and Mastercard after revealing it would pay $1.2 billion to buy Citi Australia’s consumer banking assets. read more

• George Lekakis

Citi Australia is about to join the banking industry’s assault on the buy now pay later sector, with the launch of a new BNPL brand - Spot - in October. read more

• Ian Rogers

ANZ and other defendants charged with cartel conduct alleged to have arisen out of an institutional share placement undertaken by the bank in 2015 will be allowed limited access to legal documents cre.. read more

• John Kavanagh

Despite the tensions between Australia and China over trade and diplomatic issues, Chinese banks recorded strong growth in resident Australian assets in 2020. read more

• George Lekakis

As local banks such as ANZ and NAB lightened their exposures to domestic coal projects, a raft of China’s biggest banks kept coal miners in business with billions worth of loans. read more

• George Lekakis

Citibank’s Australian retail banking business suffered a sharp fall in profitability last year as depressed economic conditions eroded revenue from credit cards and other lending activities. read more

• John Kavanagh

Citi has bowed to the demands of its high net worth customers for face to face contact and opened a “wealth hub” in the Sydney CBD. read more

• George Lekakis

Citi Australia’s efforts to invigorate its local home loan business have hit a snag with mortgage brokers encountering delays in securing accreditation from the bank. read more