Australian Banking & Finance articles from April 2004

Australian Banking & Finance archives from April 2004

ANZ focused on sustainability: ANZ Bank chief executive John McFarlane, having established a solid foundation with its specialisation strategy, is now focused on growth and sustainability.
April 16, 2004... ADDRESSING A LECTURE presented by Australian Banking & Finance newsmagazine in Sydney this month, McFarlane said ANZ's mission was to be the leading, most successful and most respected bank in Australia and New Zealand and Australia's...

ING profit cracks $100m.(ING Direct)(Brief Article)
April 16, 2004... ING DIRECT ALMOST DOUBLED pre-tax profit from $64 million to $111 million last year, demonstrating the profitability of its unique banking concept, which delivers customers a high rate of interest and the guarantee of no bank fees on its saving...

Premier awards only a month away.(Australian Banking & Finance Awards )(Brief Article)
April 16, 2004... THE PREMIER EVENT ON THE banking and finance calendar is only a month away and interest this year has been stronger than ever. The 14th annual 2004 Australian Banking & Finance Awards will be held in Sydney on May 18. Voting coupons are...

American Express wins $9m contract.(Current Account)(Brief Article)
April 16, 2004... AMERICAN EXPRESS HAS WON the $9 million Mitsubishi Motors Australia corporate account. According to Jeff Eager, vice president and head of sales and account management for American Express, the new partnership would provide greater...

Consumer spending down in March.(Current Account)(Brief Article)
April 16, 2004... THE CASHCARD RETAIL ACTIVITY Index shows spending growth has stalled, as the trend to a slowdown in consumer spending continues. "Each month since mid 2003, the trend has been for positive but slowing growth. However March 2004 is the first...

People pass by the headquarters of Banca Nacionale del Lavoro in Buenos Aires Argentina.(banking world)
April 16, 2004... [ILLUSTRATION OMITTED] Caption: People pass by the headquarters of Banca Nacionale del Lavoro in Buenos Aires Argentina. Banca Nacionale del Lavoro SoA, Italy's sixth-biggest bank, said it's selling its Argentine unit, abandoning the...

CUA opens new Melbourne branch.(Current Account)(Brief Article)
April 16, 2004... CREDIT UNION AUSTRALIA, Australia's largest credit union, is expanding further with a branch opening at Westfield Fountain Gate Shopping Centre in Melbourne. CUA managing director Graham Olrich said the opening was a result of CUA's...

On the record.(Current Account)(Brief Article)
April 16, 2004... "It's in the best interests of the company to make way for some new blood." OUTGOING CFO AT NAB RICHARD MCKINNON. "The exit of McKinnon sends a clear signal of a commitment to cultural and management change at NAB." JP MORGAN ON...

Banks embrace channel integration.(Current Account)
April 16, 2004... MORE THAN 80% OF MAJOR banks worldwide are engaged in or planning channel integration projects. Many top tier institutions aim to achieve full integration by 2007, says Celent Communications. As bank systems become inexorably more...

Wireless ATMs offer major cost savings.(News; automated teller machines)
April 16, 2004... IN A WORLD FIRST, AUSTRALIAN ATM transaction processor EFTEX is set to roll out "wireless" ATMs using Vodafone's GPRS network which will save ATM owners up to 50%. EFTEX has been running trials over the last five months and will begin...

OBU regime gets the green light from OECD.(News)(Offshore Banking Unit; Organisation for Economic Co-operation and Development)(Brief Article)
April 16, 2004... THE OECD FORUM ON HARMFUL Tax Practices has given the Australian offshore banking unit (OBU) regime the all clear by stating that it is not a harmful tax practice. The executive director of IBSA Duncan Fairweather welcomed the OECD's...

Credit card debt surges.(News)
April 16, 2004... CREDIT CARD DEBT IN AUSTRALIA has hit a new record. The average balance on an Australian credit card account rose by 70% from $1,445 in 1999 to $2,466 in 2003, according to research from independent market analyst Datamonitor. ...

Super initiatives offer mixed results.(News)
April 16, 2004... SUPERANNUATION INITIATIVES recently announced by the Federal Government and the Opposition include both positive and negative measures, according to KPMG. Wayne Hirt, senior manager of KPMG Superannuation Services Pty Ltd, said some...

MasterCard benefits from its strategic relationships.(News)
April 16, 2004... MASTERCARD INTERNATIONAL in Australia announced strong performance results for the fourth quarter and full-year 2003, growing by about 30% in Gross Dollar Volume (GDV) from year end 2002, significantly higher than the Australian market growth...

Penn details six steps to readership.(News)(Axa Asia Pacific Holdings's Andy Penn)
April 16, 2004... ANDY PENN IS WASTING NO TIME in trying to improve Axa. The new head of the Australian and New Zealand operation of AXA Asia Pacific Holdings has outlined six goats that he hopes will take AXA from an industry player to an industry leader....

ANZ develops mortgage franchising operation.(News)
April 16, 2004... ANZ HAS APPOINTED STEVEN Heavey as head of ANZ Mortgage Solutions, a new initiative to develop a mortgage franchise network within ANZ's specialist mortgages business. ANZ will initially focus on establishing 15 franchises in Melbourne,...

Consumers are socially progressive.(News; crdit union Mecu)(Brief Article)
April 16, 2004... A NEW WAVE OF AUSTRALIAN consumers is demanding financial institutions use their savings to drive social and environmental change, says reading credit union mecu. Launching a new era in banking for Australians, mecu said it was no longer...

Amex to issue cards in China.(News)(American Express)
April 16, 2004... AMERICAN EXPRESS HAS INKED A clear with China's top commercial bank to issue credit cards, following in the footsteps of foreign banks eager to tap the nation's fledgling credit market. The US card giant is playing catch-up to arch rivals...

Bankers exposed to new loan risks.(News)
April 16, 2004... FINANCIERS ARE FACING PREVIOUSLY unforeseen lending risks as Australia's corporate groups embrace the tax consolidation regime which came into being n little over a year ago. The voluntary regime, which allows such a group and its wholly...

Boards lacking bank experience.(News)(Brief Article)
April 16, 2004... THE UNBELIEVABLE RUCTIONS on the board of National Australia Bank following the $350 million foreign exchange disaster has focused attention on the make-up of the boards of Australia's five major banks. The need for members with direct...

Commonwealth Bank Board.
April 16, 2004... JOHN RALPH Chairman Ralph has been a member of the Board since 1985 and Chairman since 1999. He is also Chairman of the Risk, Remuneration and Nominations Committees. He is a Fellow of the Australian Society of Certified Practising...

National Australia Bank Board.(News)(Brief Article)
April 16, 2004... GRAHAM KRAEHE Kraehe was appointed Chairman in February 2004 and has been an independent non-executive director since 1997. He is Chairman of the Nomination Committee. KENNETH MOSS Moss was appointed Senior Independent Director in...

St George Bank.(News)
April 16, 2004... FRANK CONROY, 61 Chairman Frank is a professional company director. A former career banker, he joined the St. George Board in August 1995 and was appointed Deputy Chairman in January 1996 and Chairman in September 1996. Mr Conroy is...

ANZ Bank.(News)
April 16, 2004... CHARLES GOODE Chairman After 28 years in the finance industry, Mr Goode became a professional non-executive director in 1989. He became a director of Australia and New Zealand Banking Group Ltd in July 1991 and was appointed Chairman in...

Westpac Board.(News)
April 16, 2004... LEON DAVIS, 64 Chairman Director since November 1999 Chairman since December 2000 EXTERNAL DIRECTORSHIPS: Deputy Chairman of Rio Tinto; Director of each of Huysmans Pty Limited, Codan Limited and Trouin Pty Limited; Board Member of The...

More branches, business loans propel Bank of Qld.(News)(Bank of Queensland Ltd.)
April 16, 2004... BANK OF QUEENSLAND'S AGGRESSIVE market growth has led to a record profit after tax of $28.1 million for the half-year ended February 29, an increase of 32% on the same period fast year. Managing director David Liddy said the not profit...

Sirius says it's serious about local market.(News)(Sirius Financial Systems PLC, Australia)
April 16, 2004... GLOBAL TECHNOLOGY PROVIDER Sirius Financial Systems plc has announced its format entry into the Australasian insurance market. To mark this, the company has appointed Stephen Browne to the new role of Regional Manager--Asia Pacific. Browne...

Creating the virtual business.(Special Feature--Call Centers & Voice Recognition)
April 16, 2004... WITHIN THE FINANCIAL SERVICES sector there continues to be significant pressure to reduce expenses and grow top fine revenue. Whether it is banking, insurance, investments or the credit card sector, organisations are re-designing,...

Reputational risk a concern, Unisys.(Special Feature--Call Centres & Voice Recognition)
April 16, 2004... MANAGING REPUTATIONAL RISK is a central concern for CEOs and CFOs of Australia's leading financial institutions, or should be, according to John Billington, newly appointed managing partner, financial services for Unisys Australia--New Zealand....

Banking on natural speech.(Special Feature--Call Centers & Voice Recognition)
April 16, 2004... SPEECH RECOGNITION HAS BEEN identified as one of the top 10 technologies likely to have the greatest impact on business between 2002 and 2007, according to Gartner Group. The sector is certainly growing in consumer acceptance and corporate...

2004 features list.(Calendar)
April 16, 2004... BANKING FINANCE 2004 FEATURES LIST Cover Booking Material Issue Date Deadline Deadline 1 30 January ^ 19 January 20 January 2 13 February 3 February 4...

Failures due to management, not regulators: APRA's role in improving the soundness of the insurance industry was the subject of a speech by Charles Littrell, executive general manager, policy, research and consulting last month. The following is an edited text.(Australian Insurer)
April 16, 2004... THE AUSTRALIAN AND INTERNATIONAL insurance industries have experienced substantial turmoil in recent years. Long term under-pricing, under-reserving, and in some cases under-management generated losses and in some instances failures across...

Vero motivates employees.(Australian Insurer)(Vero Insurance)
April 16, 2004... AS PART OF ITS CAMPAIGN TO strengthen its reputation and brand through a focus on customers' needs, Vero Insurance has partnered with the Australian Graduate School of Management to create a dedicated brand and marketing program aimed at...

PrefSure restructures.(Australian Insurer)
April 16, 2004... RISK INSURER PREFSURE LIFE, which recently acquired Lumley Life in Australia, has appointed Geoff Black as managing director and made several other key appointments in the lead-up to the official integration of the two companies. PrefSure...

ANZ's McFarlane looking for growth.(People)(John McFarlane)(Brief Article)
April 16, 2004... The chief executive of ANZ Bank John McFarlane discussed the 'reinvention' and growth strategy of the group at a lecture presented by Australian Banking & Finance newsmagazine and sponsored by Oracle in Sydney.

Behind the screens.(News)
April 16, 2004... The amazing boardroom squabbles at NAB have not been lost on international investors. In fact Screens was discussing the issue with a major US fund manager this week and its fair to say we have become the laughing stock of the world finance...

BankWest launches finance offering for top franchisees.(News)
April 16, 2004... BANKWEST HAS LAUNCHED A specialist franchise unit, providing both franchisors and franchisees a finance offering designed specifically to service their needs. Specialist mobile franchising managers located around Australia, competitive...

First Data committed to Cashcard branding.
April 30, 2004... FIRST DATA CORP HAS wrapped up the acquisition of Cashcard Australia and is committed to retaining the brand and improving payment processing services to financial institutions in Australia. The US-based First Data's president Pam Patsley,...

Insurers warned to lift self-regulation efforts.
April 30, 2004... THE INSURANCE INDUSTRY, already struggling under the weight of reform, has been warned that more regulation may be coming unless it improves its claims handling performance. Shadow Minister for Financial Services Senator Stephen Conroy has...

Last chance to vote in Awards.
April 30, 2004... THE PREMIER EVENT ON THE BANKING AND finance calendar is only a fortnight away. The 14th annual 2004 Australian Banking & Finance Awards will be held in Sydney on May 18 and this is your last chance to vote by filling in the coupon on Page...

Credit card fraud addressed.(Current Account)(Australian Bankers Association edcation program.)
April 30, 2004... THE AUSTRALIAN BANKERS' Association Fraud Taskforce has unveiled a major education program for businesses to tackle credit card fraud and skimming. The program, one of the most comprehensive education programs devised for the small...

Financial companies face FBT challenge.(Current Account)(Brief Article)
April 30, 2004... NEXT TIME YOU GATHER THE troops for a team-building exercise, think again. Financial institutions who hold conferences and team-building activities for staff may be unwittingly contributing to fringe benefits tax liabilities, according to...

Banking world.(Current Account)(Brief Article)
April 30, 2004... People stand in line behind a sign displaying mortgage rates at a Bank of America branch in Arlington, Virginia. Rates for 30-year mortgages rose about a quarter of a percentage point after the Labor Department reported the strongest jobs...

On the record.(Current Account)(Brief Article)
April 30, 2004... "I am confident if something like that had occurred at Westpac it would have come to light very early." WESTPAC CEO DAVID MORGAN ON THE NAB FOREIGN EXCHANGE FIASCO. "It's a joke and will force prices up... the government is being too...

Another view.(Current Account)(Brief Article)
April 30, 2004... CRM DAILY REPORTS THAT the contact centre, once the red-headed stepchild of an enterprise, should be located front and centre, and in close relation to marketing. This advice from Forrester Research comes in response to a series of trends...

S&P backs BoQ.(Current Account)(Bank of Queensland.)(Brief Article)
April 30, 2004... STANDARD & POOR'S RATINGS Services says Bank of Queensland is on track to meet its branch expansion targets, which will provide a robust platform for further growth and interstate expansion efforts. The bank's strong commitment to a...

Banks fail to leverage customer data.(News)
April 30, 2004... AUSTRALIA'S RETAIL BANKS ARE failing to realise substantial revenue benefits because of their inability to effectively manage customer enquiries as potential leads and to ensure a positive customer experience. Independent research...

Outshining the majors.(News)(Brief Article)
April 30, 2004... REGIONAL BANKS CONTINUE TO outshine the major banks in terms of customer satisfaction, but the big four are rapidly closing the gap, according to the latest edition of the Nielsen Financial Institution Customer Monitor. Independent...

Diversification focus.(News)(Brief Article)
April 30, 2004... STANDARD & POOR'S SAYS STRUCTURAL change in the risk profile of Australian regional banks since the 1990s has instilled greater bank resilience to a modest deterioration in operating conditions. The main areas of structural change have...

Regionals need to reduce reliance on brokers, KPMG.(News)
April 30, 2004... THE AUSTRALIAN REGIONAL banking sector enjoyed a period of strong financial performance in 2003, reporting double-digit asset growth for the third consecutive year, according to a survey by KPMG. But it is unlikely the sector will generate...

Banks must share facilities: Morgan.(News)
April 30, 2004... WESTPAC CHIEF EXECUTIVE David Morgan has raised the spectre of more back-office sharing of facilities among the major financial institutions, putting the industry on a collision course with competition regulators. "Technology will continue...

Time to incentivise staff.(News)
April 30, 2004... BANKS HAVE TRADITIONALLY focused their efforts an cross-sell to customers who have a mature profile within the organisation. However, evidence from over--seas has indicated a situation where nearly three quarters of all cross-sales...

Insurance conference a winner.(Australian Insurance Funds and Growth Conference--Pictorial)(Brief Article)
April 30, 2004... Australian Banking & Finance newsmagazine this month hosted the Australian Insurance Funds and Growth conference in Sydney. The conference, sponsored by leading general insurer IAG, focused on some of the key issues facing the sector. Speakers...

ABA a key part of world federation.(News)(Australian Bankers Association)
April 30, 2004... THE BANKING ASSOCIATIONS of Europe, the US, Australia and Canada have joined forces to establish the International Banking Federation. The new body will be the key international forum to address legislative, regulatory and other issues...

Australia Post now offers foreign money transfers.(News)(Brief Article)
April 30, 2004... AUSTRALIA POST HAS COMPLETED the roll-out of its Western Union Money Transfer agency to over 3000 outlets nationwide. The service offers customers near instantaneous international money transfers using Post's online transaction network that...

RAMS adopts new commission structure.(News)(Brief Article)
April 30, 2004... RAMS HONE LOANS SAYS IT IS taking an industry reading position in adopting new commission structures for brokers that seek to promote and reward customer retention and the adoption of best practice procedures by brokers. The new commission...

ING'S business offering.(News)(Brief Article)
April 30, 2004... ING DIRECT HAS FOLLOWED UP its successful Savings Maximiser product with an offering for business. CEO Vaughn Richtor said the Business Optimiser is ideal for companies with surplus funds and those needing to put cash aside for their...

Merrill Lynch 'more savvy'.(News)
April 30, 2004... THE LAST TIME MERRILL LYNCH & Co reported quarterly revenue of more than $US6 billion, in early 2001, the firm's profit was more than 50% tower than it is today. Call it the Stan O'Neal effect. When O'Neal, 52, took over as Merrill Lynch's...

Customer service the key priority.(News)
April 30, 2004... IMPROVING CUSTOMER SERVICE is the common public catch-cry amongst senior executives at Australian banking and financial, institutions currently. In an industry with a notorious reputation for service, local CEOs have set customer service...

Fund managers tip higher prices in '05.(News)(Merritt Lynch's Survey of Global Fund Managers.)
April 30, 2004... MORE THAN THREE QUARTERS of fund managers expect inflation to be higher one year from now, according to Merritt Lynch's Survey of Global Fund Managers for April. Pricing power is returning, inflation-linked securities are rising in...

Faces of banking and finance 2004.(News)(Brief Article)
April 30, 2004... CRAIG DUNN Managing Director AMP Australian Financial Services Craig was appointed managing director, AMP Australian Financial Services in September 2002. Prior to this he spent six months as director, Office of the CEO responsible for...

Melbourne roundtable a success.(Melbourne Roundtable Pictorial)(Brief Article)
April 30, 2004... Victorian Treasurer John Brumby was the guest of honour at a roundtable luncheon held by Australian Banking & Finance newsmagazine in Melbourne this month. The function celebrates the Victorian nominations in our annual Awards, which will be...

New NAB chief executive John Stewart must be wondering what on earth he got himself into when deciding to take on the top job.(behind the screens)
April 30, 2004... New NAB chief executive John Stewart must be wondering what on earth he got himself into when deciding to take on the top job. The board in-fighting which has followed the foreign exchange scandal is not only childish but hugely damaging to the...

With First Data having completed the $250 million-plus acquisition of Cashcard, Greg Baker, the former Cashcard CEO, now has plenty of time on his hands.(behind the screens)(First DataBank Inc.)(Brief Article)
April 30, 2004... With First Data having completed the $250 million-plus acquisition of Cashcard, Greg Baker, the former Cashcard CEO, now has plenty of time on his hands. Screens hears he is no hurry to find another job--he apparently walks away in July with...

NSW Premier Bob Carr and Treasurer Michael Egan have signed their own political death certificates in imposing stamp duty on the sale of investment properties.(behind the screens)(Brief Article)
April 30, 2004... NSW Premier Bob Carr and Treasurer Michael Egan have signed their own political death certificates in imposing stamp duty on the sale of investment properties. The finance industry was astounded with not one voice of support for the government....

While on things political, IAG chief executive Michael Hawker believes the insurance industry has nothing to gain by a change of government in Canberra despite big talking by Opposition spokesman for financial services, Senator Stephen Conroy.(behind the screens)(Brief Article)
April 30, 2004... While on things political, IAG chief executive Michael Hawker believes the insurance industry has nothing to gain by a change of government in Canberra despite big talking by Opposition spokesman for financial services, Senator Stephen Conroy....

Capital gains.(News)
April 30, 2004... "Right now I'm mostly in cash." [ILLUSTRATION OMITTED]

Conroy raised a few smiles at the conference when discussing the need for companies and inidviduals to hold financial advisory licences under FSR.(behind the screens)
April 30, 2004... Conroy raised a few smiles at the conference when discussing the need for companies and inidviduals to hold financial advisory licences under FSR. "I have enough problems explaining to my wife why I told her to keep her AMP shares when they...

Westpac boss David Morgan also touched on politicians recently, suggesting they face similar challenges to bankers.(behind the screens)(Brief Article)
April 30, 2004... Westpac boss David Morgan also touched on politicians recently, suggesting they face similar challenges to bankers. "Anxious to win over sceptical electors, politicians reel off the list of their legislative achievements," he says. "But...

If Ziggy Switzkowski gets the punt as CEO of Telstra.(behind the screens)
April 30, 2004... If Ziggy Switzkowski gets the punt as CEO of Telstra will CBA chief David Murray be approached again?

Domestic banking system in excellent shape, RBA.(News)(Reserve Bank of Australia)(Brief Article)
April 30, 2004... THE RESERVE BANK'S FINANCIAL Stability Review confirms that Australian banks are financially strong and that defaults on loans are historically low. It identifies banks as the "most important financial intermediaries from a systemic risk...