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Banking & Finance

Lending

Analysts raise fears as Australian households step up debt

Clancy Yeates and Jonathan Shapiro The return of cheap and easy access to financing for lenders has sparked fears that Australia's heavily geared household sector may take on too much debt.

Floats

Genworth Mortgage Insurance Australia's parent to hold stake after float

As much as 40 per cent of the Australian unit may be sold in an initial public offering next year.

Joyce Moullakis US-based Genworth Financial says it has ''no current plans'' to further sell down its stake in float debutante Genworth Mortgage Insurance Australia after the expiry of an escrow period.

Banking

Scramble for customers a threat to banking profits

Gavin Slater

CLANCY YEATES NAB's head of personal banking says fierce competition is pressuring profit margins.

Insurance

Life insurance policy 'churn' still a problem

Life insurance

Duncan Hughes Rising commission payments, soaring lapse rates and unnecessary product enhancements aimed at encouraging advisers to switch their clients are undermining life insurers' attempts to stop churning, say advisers and ­product providers.

Banking

Banks feeling the squeeze in mortgage market

Detached housing

CLANCY YEATES National Australia Bank's head of personal banking says fierce competition in the $1.2 trillion mortgage market is pressuring profit margins from home lending, as lenders scramble to win customers.

Capital ratios dangerously low as banks continue to cry wolf

BRISTOL, ENGLAND - MARCH 13:  A young male wolf, one of

Salvatore Ferraro The bankers' cry of wolf has been debunked in a new book, writes Salvatore Ferraro.

Banking

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.

Banking

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.

Banking

Shoppers, businesses and traders hit by CBA glitch

cba

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.

Banking

Bitcoin goes retail with Westfield ATM

Bitcoin

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.

Banks

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.

Banking

Millions being 'skimmed' at ATMs

BANK.  AFR.  981230.  PIC BY GABRIELE CHAROTTE.  GENERIC AND EFTPOS AND CASH CARD AND ATM BANK AND BANKING

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.

Banking

ANZ in deal with China Development Bank

ANZ

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.

Insurance

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.

Legal

What 'skimming' costs Australians

ATM

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?

Banking

AMP makes pitch to stymie big four's dominance

AMP.

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

Banking

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.

Banking

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.

Inquiry

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.

Banking

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.

Banks

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.

Banking

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.

Banks

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'.

Banks

Call for clear rules on credit card fee overcharging

OTHER 001 CARD.

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

Banking

Watch out big banks, here comes RateSetter

Banks

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.

Credit

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.

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