Latest news (24,873 items)

Virgin grabs interchange, interest revenues

In Britain, where MBNA issues the card for Virgin Money, Virgin is understood to take a share of interchange and a share of net interest revenue for the benefit of letting the card issuer exploit the red brand. read more

Consumer business drags down BankWest

BankWest's disappointing earnings, subdued outlook and poor choices for its owner HBOS have little to do with dud loans to miners and vintners, in spite repeated focus about losses on some business loans published elsewhere. Rather BankWest is in trouble at its core, inside the consumer franchise. To recap: read more

HBOS a long term holder of BankWest

BankWest chair Ian McKenzie says the HBOS offer of $4.25 a share is "constructive", and that once reviewed by PricewaterhouseCoopers, will be put to shareholders for approval. So save for a heroic discovery of additional value by PwC in the expert's report it sounds like the HBOS offer will be shepherded through shareholders meetings for approval. read more

Westpac profit basics

This is from Thursday, of course, and would have been in Friday's edition if there was one. A reminder of the headline numbers: read more

Westpac back in business

The business line dubbed "business distribution" recorded $31 million gain in net profit over the half year, to $191 million from $160 million. The business line dubbed "business products", increased profit to $56 million from $54 million. read more

Westpac business banking share contradicts market surveys

Westpac's improving share of business banking (in the middle market and below) is a favourable indicator for the bank, and one that partially contradicts the findings of one research house on the tussle for market share in business banking. read more

Credit cards consolidates

Westpac's level of credit card outstandings increased by four per cent, to $4.28 billion in the half year, but the level of outstandings is still 25 per cent less than the $5.69 billion portfolio at March 2002. read more

Graham Rich joins Cashcard board

To correct an error from last week it is Graham Rich, the other joint managing director of Gresham Partners and an executive director of Gresham Partners, rather than James Graham, that is joining the board of Cashcard. read more

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