Latest news (24,980 items)

Reserve ducks BPay challenge

At the House of Representatives economics committee hearing in Melbourne in June, Reserve Bank governor Ian Macfarlane ducked an interesting question from Labor frontbencher Anthony Albanese over the level of BPay interchange, and the Australian Competition and Consumer Commission's decision back in February to discontinue its examination of interchange arrangements in BPay. read more

CBA has transformation on its mind

Not content with the reorganisation of the bank's personal financial services over the last year which created the slice of the bank known as Premium Financial Services, Commonwealth Bank, and was the subject of two days worth of strategy briefings only three months ago the bank has more restructuring in mind read more

CBA slips in home loan market

• Commonwealth Bank estimates its share of the home loan market fell to 19.5 per cent at March 2003, down from 20.1 per cent at November 2002, and also down 19.9 per cent at June 2002. read more

And also loses ground in credt cards

• The bank's share of the credit card market (as a percentage of card balances) is jumping around. The bank estimates its credit card increased to 22.9 per cent at May 2003, up from 21.6 per cent at October 2002, and up marginally from 22.8 per cent at June 2002. read more

AMP Bank in profit

AMP Group said today that its banking arm, AMP Banking, reported an improved operating margin of a profit of $2 million in the June 2003 half year, from a loss of $5 million in the December 2002 half, and a loss (also) of $5 million in the June 2002 half. read more

Virgin Money in the black

Virgin Money, the British based joint venture between Virgin and AMP Group, turned a profit for the first time in the June 2003 half. read more

Retail coalition defends Eftpos fees

The retail lobby is getting organised in their effort to persuade the Australian Competition and Consumer Commission to sustain their decision taken earlier this month - to knock back the application by banks to collectively set Eftpos interchange, and to set interchange at zero. read more

City Pacific profits from high rate loans

One more mezzanine finance specialist is profiting from demand for this category of property lending, with mortgage trust fund manager City Pacific more than doubling net profit. The Queensland based manager said that: read more

Leigh-Mardon back in the red

Improving business volumes at Leigh-Mardon's mail house is providing a lifeline to the local subsidiary of American Banknote, which otherwise slipped back into the red in the June 2003 quarter. American Banknote's disclosed details of Leigh-Mardon's trading in its quarterly report filed with the US Securities and Exchange commission overnight. read more

ING profit gathers steam

ING Group's banking profits in Australia continue to accelerate, in line with the brisk growth in deposits and customer numbers at ING Direct. The Dutch headquartered financial services group profit announcement for the period to June 2003 shows: read more

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