Latest news (24,764 items)

Brokers line up TD Waterhouse

TD Waterhouse seems more likely to be sold, or shut, than survive by making profits in Australia. Toronto Dominion's chief on Friday said that TDW operations outside Canada had to make profits in 2003, or be sold or be shut. read more

Hudson shuffles clues TD Waterhouse value

A reshuffle in shareholdings within Hudson Group companies, including Hudson Securities, provides one measure of the value of a broker's client list. Hudson yesterday said that Dumas Corporate would buy 13 million shares, or a one third stake in Hudson, for 12.5 cents each, giving Hudson Securities a market capitalisation of $4.8 million. read more

Too few banks as foreigners withdraw

With Toronto Dominion scaling down its Australian banking operation and Abbey quitting the local market, it's arguably a better time for the banking cartel, and a worse time for entrepreneurs. This is especially the case in the project and structured end of the banking market. read more

Extra capital, deposit growth allows Mackay latitude

As noted yesterday, Mackay Permanent Building Society's half year report, published through the ASX on Friday, was light on for details such as asset quality and capital resources. The society clarified some of these details, again via the ASX, yesterday. read more

Toronto Dominion pulls back from Australia

Toronto Dominion is planning to scale back its businesses in Australia, with a significant part of the Canadian bank's loan book for sale, and a warning over the weekend by management that it would either sell or shut the TD Waterhouse broking business unless it makes a profit this year. read more

Mackay falters further

Mackay Permanent Building Society's new management can't be far off taking a fresh look at the north Queensland bank's positioning and business model, in light of another contraction in half year profit. read more

and keeps the responsibility in the family

One aspect of the Mackay banking business is its insular board of directors. Richard Wallace, the chairman, Stewart Wallace and Anthony Wallace have all served extended terms on the board of directors. Richard and Anthony, both in their 50s, are currently partners of Mackay's key law firm, SR Wallace & Wallace, while Stewart, 65, looks like he's leant his name to the firm. read more

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