Latest news (24,740 items)

Basel II encourages revolving credit

The latest draft of the revised global framework for regulation of banks from the Bank for International Settlements may encourage banks to favour revolving credit, such as credit cards, over conventional personal loans. read more

BankWest buys API Finance

Bank of Western Australia has added more weight to its efforts to develop its commercial banking business, with the purchase of API Finance from Australian Pharmaceutical Industries and agreement on a broader alliance with the wholesale distributor. read more

Banks target pharmacy sector

Pharmacies are a popular sector for all banks, having been singled out as a priority for growth of business banking activities by many banks often ranked alongside sectors such as aged care, private hospitals, private schools and retail. read more

MasterCard debit damages estimated at US$1bn

Reports in US media concur with the speculation that MasterCard agreed to drop the honour all cards rule as part of the settlement of the class action by Wal-Mart and other retailers. The reports also suggest that MasterCard will lower fees on its debit products. read more

New counsels at ANZ, CBA

Two prominent corporate lawyers will switch from top tier law firms to become general counsel at Commonwealth and ANZ banks. read more

MasterCard strands Visa on US debit trial

Visa International will defend the class action mounted by Wal-Mart and other US retailers alone, after rival card brand MasterCard reached a secret settlement with the plaintiffs. read more

Resimac rely on Sydney market

Mortgage funder Resimac is attracting a more leveraged class of customer than, say, Members Equity, featured in yesterday's edition, but in line with the kind of borrower seeking a home loan from other non bank lenders. read more

ANZ rewards cap limited to super spenders

Whatever cap ANZ decides on for the reward programs on its credit cards is likely to be limited to credit card customers who spend a significant multiple of the average spend. read more

ANZ loyalty points accrual clarification

Yesterday's edition reported that the cost to ANZ Bank's card business of the under accrual was $48 million, not $38 million, given a $10 million loss from the under accrual in the first half of 2003, but it looks like this is a misreading of the ANZ presentation. read more

NAB lifts debt collection hurdle

National Australia Bank may have introduced rough hurdles for debt collectors RMB and DB Australia in their newly allocated contracts to chase down recalcitrant credit card and home loan customers. read more

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