Latest news (24,989 items)

ANZ targets advisers for deposits

ANZ will slice and dice its specialist business units for a fourth (or perhaps it's a fifth) time since deciding on this approach in 2000. This time the changes affect the segments that broadly fall under the heading of personal banking, a group of businesses overseen by Elmer Funke Kupper. read more

Reorganisation muddies ANZ analysis

At one stage early on in ANZ's experiment with specialist business units, the bank argued that greater transparency at the level of each business would aid in valuing the bank the idea being that the market would attach a higher price to earnings ratio to businesses that it liked (mortgages, say, or cards, or wealth management, depending on the fashion), add them together, and ANZ would then trade at a premium to its peers. read more

Woolworths rings up rewards

Woolworths will tempt Ezy Banking customers with more, but unspecified, rewards, in a bid to boost demand for Ezy Banking's deposit account and credit card. The products already offer a choice of rewards, though most customers simply opt to have a Woolies shopping voucher mailed each quarter. read more

Interchange cornerstone of BPay fee structure

The fee structure for BPay is not a subject either BPay not its banks are keen to talk about, nor has it been subject to much media scrutiny in Australia. The BPay fee structure comprises three elements: read more

BPay fees reduced

The BPay fees outlined above are new, and came into affect in either December 2002 or January 2003. read more

Banks contradict Eftpos spin

The banking cartel's plans to reduce debit interchange to zero will cost merchants more. The submission says that, "there will be changes in merchant service charges to reflect these increased costs". The increased costs is the revenue foregone from interchange fees. read more

Joint Study now revered

The cartel's submission to the ACCC for authorisation of zero debit interchange is an amusing read on one level the joint ACCC/Reserve Bank report, Study of Interchange Fees and Access, published in October 2000, has had a reincarnation within the minds of bankers as a fountain of wisdom and the definite authority on interchange. read more

ANZ 1: Accrual mess costs $27 million

ANZ Bank will take a $27 million charge after tax in its cards business in the March 2003 half, after the discovery that the bank failed to correctly accrue loyalty points. The under accrual took two forms: read more

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