Latest news (24,991 items)

Australian National to sustain City Coast's growth rate

Both the winner and the loser in the contest to take control of Wollongong-based City Coast Credit Union say they are looking at further merger options, in a sign of the willingness of entities at the top end of the credit union and building society sector to mop up smaller mutuals. read more

IMB eyes credit union acquisitions

Wayne Morris, chief executive of IMB, said yesterday that despite missing out on City Coast, "I'd be keen if there was a likely credit union partner. I'd be keen to talk to them. In a mutual organisation, it can only be by friendly means." read more

City Coast hides expert's report

The board of directors of City Coast plan to put the merger proposal to members without the benefit of an opportunity to study the full report of the independent expert report provided to the board. read more

ANCU profit accelerates

The information memorandum for the merger shows that Australian National is trading well, even after writing off the costs incurred so far in preparation for the merger with City Coast. read more

Board payout costs $400,000

One difference between the Australian National and IMB proposals is the number of City Coast directors that get to stay on as a director. IMB proposed that only one director continue, while under the Australian National plan, initially three, but then two, directors will stay on. read more

Liberty leans to debt consolidation

Liberty Financial, the largest provider of sub prime home loans has a preference for refinancing and debt consolidation over making loans for outright house purchases. read more

Lower write offs save Rabobank profit

The drought made no difference to the earnings at the second of Australia's two specialist primary industry banks, with the Dutch-owned Rabobank reporting a 22 per cent increase in pre tax profit in 2002 for its operations in Australia and New Zealand. read more

Members Equity moves into super funds

Members Equity may evolve from a niche retail bank owned by superannuation into a bank that earns many of its revenues from running administration and investment management services for superannuation funds. read more

Discover improves profit, loses share

Morgan Stanley said that profit from its Discover card and related cards services operations declined in the February 2003 quarter compared with the November 2002 quarter, a period in which balances and card volumes increased, but the number of active accounts declined. read more

ERG note holders determine its fate

The survival of fare collection company and smart card play ERG will be in the hands of its convertible note holders this week, with a meeting of note holders on Friday set to vote on the first stage of a complex recapitalisation plan intended to cut debt and provide the company's with a chance to trade out its difficulties. read more

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