Banking

Westpac's multi-brand strategy brings in the money

Clancy Yeates Westpac is pushing ahead with plans to use a range of bank brands to target customers who don't want to bank with one of the majors.

Eurozone

Market rally as Cyprus braces for a bitter pill

Clancy Yeates and Gareth Hutchens Global markets rallied after European leaders struck a late deal to prevent a meltdown in the Cypriot banking system, calming fears of a fresh bout of financial instability in the eurozone.

Household savings increase and move towards bonds

Clancy Yeates The head of HSBC in Australia believes households saving rates of 10 per cent of income is the 'new normal', and the money is most likely to go into retail bonds.

Banking

Loans tougher for industries seen at risk

Clancy Yeates Banks are imposing tougher interest rate conditions on retailers, manufacturers, media companies and miners, as lenders take a cautious view of more vulnerable or risky sectors.

Banks will go it alone to cut rates: ACCC

Clancy Yeates Competition regulator Rod Sims expects banks to cut mortgage rates independently of the Reserve Bank if funding costs continue to fall, and is watching how lenders respond to the improvement on...

Banking

Banks boosted by fall in wholesale funding costs

Clancy Yeates The Reserve Bank has played down the significance of a sharp drop in wholesale funding costs for lending rates.

Mortgages

CBA gets green light on Aussie

Clancy Yeates Commonwealth Bank has received regulatory approval to swallow Aussie Home Loans.

Funding

Battle for deposits key for bank costs: RBA

Clancy Yeates The Reserve Bank has played down the significance of a sharp drop in wholesale funding costs for lending rates, saying competition for deposits will remain the key influence on banks’ costs.

Loans

ACCC signs off on CBA stake in Aussie

Clancy Yeates The competition regulator has given the green light to the Commonwealth Bank's plan to buy up Aussie Home Loans.

Banking

Europeans lift credit exposure

Clancy Yeates European banks have increased their lending to Australia for the first time since early 2011.

Economy

Low interest rates reviving key industries, says Reserve

Clancy Yeates The Reserve Bank says record low interest rates are reigniting some key industries.

NAB charts a return to the glory days

Clancy Yeates Unusually, long-suffering NAB shareholders have had something to cheer in the first few months of 2013.

Resolution

Macquarie makes Storm deal

Clancy Yeates Macquarie Group has struck a deal with close to 1000 investors who lost their savings in the collapse of Storm Financial, reaching an $82.5 million settlement.

Loans

Banks do deals on variable home loans

Glenda Kwek and Clancy Yeates Banks are increasing the discounts offered on standard variable home loans in an attempt to spark activity in the mortgage market without resorting to an all-out price war.

Gillard ignoring needs of business, says Westpac chairman

Clancy Yeates One of Australia's most senior businessmen, Westpac chairman Lindsay Maxsted, has slammed Julia Gillard's government as ''unhelpful'' to business and says it should share some of the blame for many...

Maxsted attacks Labor record

Clancy Yeates One of Australia's most senior businessmen, Westpac chairman Lindsay Maxsted, has criticised Julia Gillard's minority government as ''unhelpful'' to business and says it should share some of the...

Economy

'Unhelpful to business': Westpac chair slams government

Clancy Yeates Westpac chairman Lindsay Maxsted has slammed Julia Gillard’s minority government as ‘‘unhelpful’’ to business and says it should share some of the blame for the low levels of business confidence.

Banks

NAB pledges to cut $800m costs

Clancy Yeates NAB chief executive Cameron Clyne has pledged to cut costs by $800 million a year by encouraging customers to do more ''self service'' banking.

Banks

NAB to shrink size of branches

Clancy Yeates When banks were looking to cut costs in the 1990s, the industry sparked a political and customer backlash by making deep cuts in the number of branches.