Australian Banking & Finance articles from April 2006

Australian Banking & Finance archives from April 2006

ANZ, Westpac and CBA all make decisive moves: having established himself as one of Australia's most successful bankers, John McFarlane is now turning his sights to a critical recruitment matter--his own job.(banking management)
April 15, 2006... Succession planning at the ANZ for the role of chief executive is the underlying theme of a management reshuffle announced by McFarlane as he edges towards retirement in 18 months time. The changes are the result of what McFarlane sees as a...

Letters to the editor.(NEWS)(Letter to the editor)
April 15, 2006... 10 April 2006 The Editor Australian Banking & Finance Dear Sir, Factoring in its Prime I know one should never let the facts get in the way of a good story, but your recent article suggesting that factoring is now perhaps...

Bendigo to open first community bank in Northern Territory: Bendigo Bank will open its first community-owned branch in Northern Territory in the next few months in Coolalinga, which is about 25 minutes south of Darwin.
April 15, 2006... The bank launched its prospectus recently, offering between 600,000 and 800,000 A$1 shares to locals throughout Litchfield Shire. Bendigo has appointed regional and state managers in Northern Territory and the Collinga branch pushes the...

ING Direct posts $122.4 m profit: ING Direct Australia recently announced a profit after tax of $122.4 million for the year ended 31 December 2005.(ING Direct Australia revenue records)
April 15, 2006... The bank's new Chief Executive Officer, Eric Drok, said the result was up 35 percent on the 2004 figure of $90.5 million. "We are continuing to grow very rapidly in our three core areas of savings, mortgages and commercial property...

Australian households exposed to rates hike: Australian households are increasingly vulnerable to a rise in official interest rates, according to a survey examining the state of the mortgage industry.(NEWS)
April 15, 2006... The survey, from JP Morgan and Fujitsu, suggests consumers are further exposed by a willingness to borrow on higher loan to valuation ratios as the housing market stabilises. Brian Johnson, a banking analyst with JP Morgan, points to a...

Katz exits CBA after leadership reshuffle: Commonwealth Bank group executive, Premium Business Services, Michael Katz, has left the bank after 13 years, following a reshuffle of CBAs leadership team.(NEWS)
April 15, 2006... CBA chief executive Ralph Norris said Katz was leaving to pursue other interests. Katz had been hoping to secure the CEO role after the retirement of previous long term incumbent David Murray. Instead the role went to former Air New...

Mulcahy appointed to Future Fund board.(John Mulcahy Chief Executive of Suncorp Investment Management)(Brief article)
April 15, 2006... SUNCORP CHIEF EXECUTIVE John Mulcahy (right) was recently appointed to the Future Fund Board of Guardians by the Federal Government. The Future Fund was established to meet the Government's unfunded superannuation liabilities and emulates...

St George debt issue given thumbs up.(financial services ratings)(Brief article)
April 15, 2006... RATINGS SERVICE STANDARD & Poors has assigned an 'A+' rating to St Georges proposed A$700 million five-year issue of transferable deposits (TDs). The senior unsecured TDs will include a fixed rate series and a floating rate series to be...

BOQ maintains strong growth momentum: Bank of Queensland today announced an interim headline NPAT result of $42.3 million for the first half of 2006, up 18 percent on $35.9m in the same period last year.(Company overview)
April 15, 2006... The headline profit of $42.3 million under the previous AGAAP accounting system equates to NPAT distributable to ordinary shareholders under AGAAP of $39.8 million ($33.2m pcp), up 20 percent. Under the new Australian International...

Fiserv extends global reach.(NEWS)(Interview)
April 15, 2006... One of the world's top technology solutions providers to the financial services industry is on the acquisition trail in Asia. Fiserv CBS Worldwide--which now has 280 financial institutions on its books--is eyeing the growth markets of India and...

Macquarie Margin Lending signs wholesale deal.(NEWS)(Brief article)
April 15, 2006... Macquarie Margin Lending has signed a wholesale agreement with the Bank of Queensland to provide funding, system infrastructure and loan administration for the Bank of Queensland's (BOQ) newly launched Margin Loan. BOQ Managing Director,...

Did you remember to get your 'SQL injection' this year?(SPECIAL FEATURE: APPLICATIONS SOFTWARE)
April 15, 2006... In 2005, we saw application-related security breaches experience a threefold increase on 2004 (1) to become one of the fastest growing information security risks. This growth in application-related breaches indicates a marked shift in the type...

2006 events calendar.(Calendar)
April 15, 2006... The International Consumer Credit Card Summit 2006 Date: Wednesday 10 May 2006 Venue: Sheraton on the Park Hotel, 161 Elizabeth St Sydney Time: 7.30am - 2.30pm (breakfast, morning tea & lunch) Cost: $395 per ticket The...

Perpetual enlists help to automate systems.(Company overview)
April 15, 2006... Organisation Profile Perpetual Trustees Australia Limited is one of Australia's most respected financial services institutions. It provides a broad range of services to individuals and corporations including superannuation services,...

Investec boosts Aust business with Rothschild purchase.(Investec Bank Australia will acquire N.M. Rothschild and Sons (Australia) Proprietary Ltd)(Brief article)
April 15, 2006... INVESTEC BANK AUSTRALIA HAS announced it will acquire NM Rothschild & Sons Australia. Investec is a South African headquartered investment bank which bought Australian corporate advisory firm Wentwoth Associates in 2001 and has been...

Regulatory risk.
April 15, 2006... BANKERS ARE BECOMING EVER MORE COGNISANT of the operational risks to which their bank can be subject, Operational risk has been defined as losses resulting from inadequate or failed internal processes, people and systems or from external...