Latest news (24,989 items)

ANZ sets target for small business banking

ANZ has a target for growth in net profit in the bank's SME banking segment of 15 per cent each year which is mainly notable as the solitary new fact in an investor presentation by Peter Hawkins, ANZ's group managing director for group strategic development, to a JB Were private client conference yesterday. read more

ANZ takes lead on card pricing

The reduction in interchange on credit card transactions is now less than seven weeks away, and so it's the business end of an interesting year for bank executives charged with maintaining the profitability of their credit card businesses, at least on the issuing side. read more

Diners co-brand complementary

Asked in an interview on Friday why the bank did not wait for the outcome of the MasterCard and Visa cases in the Federal Court which are seeking to knock over the Reserve Bank's credit card reforms (such as the reduction in interchange). ANZ's managing director of consumer finance, Brian Hartzer, said simply that, "The umpire's made a decision and we've got to react to it." read more

Rivals still to react

Commonwealth Bank and Westpac were quoted in newspapers on Saturday as saying they wouldn't be making any changes to their credit card programs, but it's doubtful that thinking will last for long. read more

Connect spurns merger

John Hemsby, chief executive of Connect Credit Union, in an interview on Friday responded to the criticism in this journal that the Tasmanian-based bank, which is planing to demutualise, shed its status as a credit union, issue new shares, and list on the ASX, should have sought an alternative takeover offer and put that choice to members. read more

Homeloans Ltd

In a correction to Friday's edition, Homeloans Limited actually originated $730 million of home loans in the December 2002 half and $603 million in the June 2003 half. read more

Connect seek ASX listing

More than sixty thousand of Tasmania's public servants and their families will be swapping the benefits of saving and borrowing from a mutual credit union such as, in theory, more favourable interest rates and a different approach to credit criteria compared with banks for a one off handout of shares with a nominal value of $300 when Connect Group launches onto the list of the Australian Stock Exchange later this year. read more

No alternative offers on the table

The prospectus for Connect's listing makes no reference to the board's endeavours to solicit an alternative offer for the business of the credit union, or to generate any more than $300 in value for each member so the inference must be that the board did not, which was a mistake. read more

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