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Banking & Finance


NAB NZ appoints new chief

NAB has provided an update on its technology transformation. It is on track to provide online account opening next year.

National Australia Bank's New Zealand arm has appointed a new chief executive from within its own ranks, after the promotion of current boss Andrew Thorburn to the bank's top job in Australia.


Westpac set to raise up to $1b: sources

AFR 04 June 2013 Generic Bank Image Westpac Signage. Pic by Sasha Woolley

IMG_8423 copy.jpg

Joyce Moullakis and Sarah Thompson Westpac Banking Corporation is believed to be preparing to raise at least $500 million, via a listed convertible note, sources have told The Australian Financial Review.


Shoppers, businesses and traders hit by CBA glitch


CLANCY YEATES Commonwealth Bank customers were left stranded on Tuesday after a computer meltdown prevented people from withdrawing cash from ATMs, using EFTPOS, or accessing their accounts online.


Bitcoin goes retail with Westfield ATM


Marianna Papadakis The first two way Bitcoin ATM has debuted in Sydney CBD and its owners said it signified greater acceptance of global cryptocurrency despite a crackdown by major banks around the world.


ANZ strengthens China banking links

Prime Minister Tony Abbott tours the Forbidden City in Beijing during his official visit to China, on Saturday 12 April 2014.

CLANCY YEATES One of China's most powerful banks is seeking to strike better deals when its invests in Australia, as part of a global push to improve the quality of its lending.


Millions being 'skimmed' at ATMs


CLANCY YEATES 'Nightmare' scenario of using new techniques while customers withdraw cash from ATMs.

Possible sale as QBE embarks on US review

The QBE Insurance Group Ltd. logo is displayed at the company's headquarters in Sydney, Australia, on Tuesday, Feb. 26, 2013. QBE Insurance Group Ltd.

Ruth Liew QBE confirms it's undertaking strategic review of its US-based middle market business.


ANZ in deal with China Development Bank


CLANCY YEATES ANZ Bank aims to provide Australian companies easier access to Chinese government-controlled capital, under a widened agreement with the powerful China Development Bank.


QBE in strategic review of its US business

The QBE Insurance Group Ltd. logo is displayed at the company's headquarters in Sydney, Australia, on Tuesday, Feb. 26, 2013. QBE Insurance Group Ltd., Australia's biggest insurer, said full-year profit missed forecasts as it wrote down the value of its U.S. units and lowered its dividend payout. Photographer: Ian Waldie/Bloomberg

Ruth Liew QBE Insurance Group has confirmed that it is undertaking a strategic review of its US-based middle market business, leaving all options open including a possible sale of the unit.


What 'skimming' costs Australians


CLANCY YEATES Millions of dollars are stolen each year through the 'skimming' of people's bank details when they are making a transaction.

Is your superannuation under supervision?

Clancy Yeates dinkus

CLANCY YEATES Why do Australians pay so much for the management of their retirement savings?


AMP makes pitch to stymie big four's dominance


Clancy Yeates Wealth giant AMP is urging the government to consider higher capital charges for Australia's big four.


Australia's big banks zero in on free trade deals in Asia

Illustration: Chris Pearce.

CLANCY YEATES The banks expect to benefit from closer trade ties in the region via increased demand for services.


BOQ in $440m Investec deal

Stuart Grimshaw.

GEORGIA WILKINS Bank of Queensland is moving further beyond its home state with the acquisition of Investec Australia's specialist finance and leasing business for $440 million.


Suncorp chief calls for banking competition and level playing field

Ruth Liew Suncorp Group chief executive Patrick Snowball called the Financial System Inquiry as a "once-in-a-generation" opportunity to review Australia's finance industry.


Bank of Queensland to buy Investec units as profit surges

Bank of Queensland

GEORGIA WILKINS Bank of Queensland is in a trading halt after Investec announced it has entered into a definitive agreement with the bank to sell its professional finance business.


ANZ boss keeps eye on housing

ANZ chief executive Phil

GEORGIA WILKINS The local head of Australia's third biggest home loan lender says there is nothing concerning about house price rises in Sydney.

Potshots at the vertically integrated

Adele Ferguson dinkus

ADELE FERGUSON A Commonwealth Bank whistleblower has put the spotlight on the ''ludicrous'' compensation model the bank used to pay out victims of rogue planners and warned of the perils of vertical integration.


Bankers pitch for management of $4billion Medibank Private float

Macquarie’s Robin Bishop (second from left)

Jessica Gardner The country's top investment bankers, including teams from Macquarie, Goldman Sachs, Credit Suisse and Bank of America Merrill Lynch, arrived in Canberra on Thursday for the biggest pitch of the year.

ASIC admits lack of action in CBA probe

Gary Medcraft

MICHAEL WEST The corporate regulator has conceded it knew the Commonwealth Bank had ''sanitised'' its client files during an investigation but failed to take any action.


CBA under fire at ASIC inquiry

David Cohen

MICHAEL WEST Commonwealth Bank's top lawyer, David Cohen, was rebuked before a senate inquiry this morning for downplaying systematic fraud within the bank's financial services arm as 'inappropriate'.


Call for clear rules on credit card fee overcharging


Shaun Drummond Companies can overcharge for card transactions because the power to police surcharges falls between two regulators.


Watch out big banks, here comes RateSetter


James Eyers One of the world's largest peer-to-peer lenders, RateSetter, says it will be ­operating in Australia by the middle of the year, with an ambitious plan to attack the lucrative personal finance market dominated by major banks.


Applications for credit cards and personal loans at highest level since GFC, says Veda

Credit cards

CLANCY YEATES Applications for credit cards and personal loans have risen to their highest since the GFC.


Big company bias has rigged financial advice system, advisor tells Murray inquiry

Financial adviser

Sally Patten The financial advice system is rigged against consumers because big companies have a bias towards pushing their own products.

Financial Inquiry

Bank experts call for financial system overhaul

Generic Banks illustration. 09/02/2014. Photo illustration Chris Pearce

GEORGIA WILKINS Government urged to examine implications of potential manipulation of benchmarks.


Coles slams 'complex' bank rules in Financial Services Inquiry submission

Coles logo

Jonathan Shapiro Coles blames 'unnecessarily complex' regulation for stifling competition in the financial system.


Super system expensive and inefficient, says Treasury

money chained

PETER MARTIN The Treasury says Australia's superannuation system is one of the world's least efficient.


Superannuation television ads in the spotlight

Michael West dinkus

MICHAEL WEST Another skirmish has flared in the decade of hostilities between industry funds and retail funds.

Ahmed Fahour revealed as major Bell Financial Group shareholder

Ahmed Fahour

James Chessell and Joe Aston Australia Post chief executive Ahmed Fahour has emerged as significant shareholder of broking house Bell Financial Group.

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