Australian Banking & Finance articles from August 2007

Australian Banking & Finance archives from August 2007

Who's the HBOS? As BankWest heads east, the Australian banking industry takes a hard look at its four-pillared compass.(NEWS)
August 15, 2007... Injecting extra competition in Australian retail banking is on the top of HBOS' 'To Do' list as it carries out its highly-publicised east coast expansion of BankWest, says retail division chief executive Ian Corfield. "When I look at some...

Debate over likely health funds shake-out: the current spate of demutualisations in the health insurance sector has led to speculation that a wave of mergers and acquisitions between health funds in Australia may occur soon.
August 15, 2007... With health insurance funds such as MBF and NIB seeking public company status, with federal government plans to privatise Medibank Private, and with international player BUPA increasing the scale of its presence in Australia, it is no wonder...

realestate.com.au Home Loans acquired by eMOCA.(NEWS)
August 15, 2007... Mortgage aggregator eMOCA has acquired the total share holding of mortgage broking group realestate.com.au Home Loans, which was founded five years ago under joint ownership of eMOCA and the REA Group. The buy-out comes as realestate.com.au...

Finsia appoints interim CEO.(NEWS)
August 15, 2007... The Financial Services Institute of Australasia (Finsia) has appointed Stephen Harrison as its interim Chief Executive Officer, following the proposed sale of its financial services education business to Kaplan, Inc. Finsia president...

Millennium3 acquires Mawson.(NEWS)(Mawson Group Australia Limited)(Brief article)
August 15, 2007... ING advice group Millennium3 has successfully completed the purchase of the assets of national dealer group Mawson Group Australia Limited. Sixty-five Mawson advisers have joined Millennium3, and Mawson's business operations have been...

John Stewart takes helm at ABA.(NEWS)
August 15, 2007... National Australia Bank's group chief executive officer John Stewart is now chairman of the Australian Bankers' Association (ABA), succeeding Westpac chief executive officer David Morgan, who carried out his role for the whole two-year term....

Opportune offers equity.(Brief article)
August 15, 2007... New non-bank lender Opportune Home Loans, created by Wizard Home Loans co-founder Paul Ryan, is undertaking an aggressive expansion strategy through an offer of substantial equity to branch owners. Opportune has branches in Port Macquarie,...

Mortgage market to slow.(NEWS)
August 15, 2007... Australia's mortgage market is expected to slow, following research findings that indicate consumers are deferring home loan purchases for more than 12 months. The latest Mortgage & Finance Association of Australia (MFAA)/BankWest study of...

Ma-king it big: turning risky business into big numbers: Liberty Financial managing director Sherman Ma speaks to Australian Banking & Finance magazine.(NEWS)
August 15, 2007... Hearing about the changing Australian socio-economic trends today is like music to Sherman Ma's ears. Ma took a gamble in introducing specialised lending in the country way back in 1997 and now sits as managing director of Liberty Financial....

Beware the ire of Courts over 'Ponzi loans': lending institutions are warned that they--not borrowers--may be held accountable if their asset based lending practices result in default.(NEWS)
August 15, 2007... On the positive side of the ledger, since their introduction several years ago, 'lo-doc' loans have certainly provided lenders with a profitable path into the largely untapped borrower market represented by the self-employed or those with...

St George pushes into WA.(NEWS)(Western Australia)(Brief article)
August 15, 2007... As BankWest moves east, the eastern states' St.George Bank is heading west. St.George Bank has opened a new branch in Western Australia's Fremantle, which signals a bigger presence in the state's retail and commercial markets. The...

Women on top in credit.(NEWS)(Survey)
August 15, 2007... Women are more likely than men to pay their credit cards, personal loans, mortgage and overdraft on time, a Veda Advantage study has revealed. The study into gender reviewed all credit activity recorded by Veda over a five-year period *...

Australia leads the world in managed funds.(NEWS)(Statistical table)
August 15, 2007... According to figures published in the AFG Global Funds Management Index (a bi-annual report) at the end of 2006--the most recently available international data--Australians had an average of $50,753 per person invested in managed funds. ...

Call for nominations: Insurance Awards.(NEWS)
August 15, 2007... The annual Insurance Awards are up and running for the fifth year and Australian Banking & Finance magazine is calling for nominations in all categories. The Insurance Awards, which recognise the achievements of individuals and companies...

Bank staff best defence against money laundering.(NEWS)
August 15, 2007... For banks to get the biggest bang from their Anti-Money Laundering (AML) buck, training their people and involving senior management is vital, according to KPMG's 2007 Global AML Survey. The survey findings estimate that between $500...

Private banking growing pains.(NEWS)
August 15, 2007... Private client financial services are anticipating unprecedented growth in Australia. But hurdles remain to get the business structure and performance indicators spot on, as well as attracting the right people to deal with elusive high net...

2007 features list.
August 15, 2007... 2007 features list Issue Date Feature Event 13 July * New Technologies * Leaders Lecture In Financial Services 14 August * QLD Financial Markets &...

Josh Groban: don't miss out!(Brief article)
August 15, 2007... Witness one of the most beautiful voices in the world when 26 year old singing sensation Josh Groban tours Australia in September and October. With album sales in excess of fifteen million worldwide, fans can expect an amazing show. Tickets are...

A classic yarn.(Brief article)
August 15, 2007... Cashmere is timeless, synonymous with luxury, glamour and style. Warm but incredibly light to wear, its softness and handle are without comparison. Indulge at The House of Cashmere for the greatest couture collection and extensive colour...

Eat with DeVito.(Fashion, Lifestyle and Entertainment)(David Manero )(Brief article)
August 15, 2007... South Beach Miami is known for its art deco architecture, hot Latin nights and vibrant party atmosphere, and it has now added a new colourful personality to its beat. Lovable character and Hollywood star, Emmy award-winning actor Danny...

Travel in style.(Brief article)
August 15, 2007... If you're aching for a grand tour of Europe and need to be in the know, get up to date with the latest 2007 edition of the Louis Vuitton City Guide which lists 30 cities and 7,500 addresses that combine traditional values and locations with new...

Give your office a designer touch.(Fashion, Lifestyle and Entertainment)
August 15, 2007... At the launch of the 2007 Milan Furniture Fair, Italian furniture design company Kartell collaborated with fashion icons Valentino, Burberry, Dolce & Gabbana, Trussardi, Ermenegildo Zegna, Moschino and Missoni (pictured) to name just a few, to...

Walk the walk.(Fashion, Lifestyle and Entertainment)
August 15, 2007... 'No Guts, No Glory!' is the motto behind Croft footwear creator Paul La Rosa. Combining 17 years of industry experience in footwear product development, sales and brand management to debut on the catwalk at this year's L'Oreal Melbourne Fashion...

Never be late again.(evaluation and product information Mike Timing)(Brief article)
August 15, 2007... Mike Timing introduce the Oregon Leather Analogue. With a distinctive design featuring two time zones built with stainless steel mineral-glass crystal display and a water-resistant chocolate leather band, the watch also has date display and one...

Material girls.(services and customer relations of clothing stores)(Brief article)
August 15, 2007... Zentini is the brainchild of Jacquie McGowen and Amanda Armstrong who formed a friendship whilst working together at a large insurance company. In 2003 their quest to pursue a common dream of creating something unique and individual resulted in...

Macquarie maintains momentum in first quarter.(CORPORATE & INSTITUTIONAL BANKING)
August 15, 2007... Macquarie Bank's first quarter profit result has met expectations and reveals a continued focus on international income generation. The bank's managing director and chief executive officer, Allan Moss, said Macquarie had started the...

ING beefs up private equity and small cap portfolio teams.(CORPORATE & INSTITUTIONAL BANKING)
August 15, 2007... ING Investment Management (INGIM) has made two key appointments to its private equity team and one new appointment to its small cap portfolio business. Richard Hughes has been named as the new director of the private equity business. He...

New blood at nabCapital.(CORPORATE & INSTITUTIONAL BANKING)
August 15, 2007... nabCapital announced has announced the appointment of a new Australasian securitisation head, plus new appointments to its Australian diversified financial institutions team and to its Leveraged & Acquisition Finance team John Barry is the...

Oz PE/VC firm recognised in UK.(CORPORATE & INSTITUTIONAL BANKING)
August 15, 2007... Australian boutique private equity fund manager and venture capital firm MillhouselAG has been endorsed by a UK private equity performance monitor. The London based monitor ranked MillhouseIAG s private equity trusts #1 and #2 number two...

Basis appoints Blackstone as advisor.(CORPORATE & INSTITUTIONAL BANKING)
August 15, 2007... Basis Capital has appointed the Blackstone Group to act as financial advisor to the Basis Yield Alpha and Basis Pac-Rim Opportunity Funds. Both funds have recently suffered from an adverse reaction by some investment banks to a downgrading...

AIMA defends hedge funds.(CORPORATE & INSTITUTIONAL BANKING)
August 15, 2007... The Australian chapter of the Alternative Investment Management Association, AIMA Australia, has defended the strength and stability of the Australian hedge fund industry and hit back at claims that the sector is linked to the collapse of...

Core banking transformation--is it really necessary? 'Core banking transformation' has been a popular buzz term among banking technology professionals in recent years, with arguments on both sides about the degree of urgency required for financial institutions to replace, or at least overhaul, their core processing platforms.(SPECIAL REPORT: CORE BANKING)
August 15, 2007... Core banking can be defined as the main product account and customer systems that a bank has--and may have had for a number of decades. It typically comprises the institution's core retail banking, institutional banking and wealth management...

When Greg Bartlett of St George was speaking during the Australian Banking & Finance Magazine's Best Bankers Panel Luncheon, the issue of affordability of property was a particular issue which he had a personal problem with.(BEHIND THE SCREENS)
August 15, 2007... When Greg Bartlett of St George was speaking during the Australian Banking & Finance Magazine's Best Bankers Panel Luncheon, the issue of affordability of property was a particular issue which he had a personal problem with. "I have to admit...

Michael Harte, CIO at Commonwealth Bank was full of humorous quips during the panel discussion.(BEHIND THE SCREENS)
August 15, 2007... Michael Harte, CIO at Commonwealth Bank was full of humorous quips during the panel discussion. Firstly, when asked about whether retail banks can cash in on the Myspace phenomenon, and in particular the Second Life program online, he answered...

Allan Moss of Macquarie Bank had a very honest moment during the panel discussion, as he was ready and willing to admit that he had heroes and people he admired.(BEHIND THE SCREENS)
August 15, 2007... Allan Moss of Macquarie Bank had a very honest moment during the panel discussion, as he was ready and willing to admit that he had heroes and people he admired. He also said "most of them aren't in business. I admire some of the people who...

As the federal election looms, and with the recent expansion of HBOS/BankWest into the eastern states increasing competition in the Australian banking sector, the number of senior bank executives who have publicly called for a review of the government's 'Four Pillars' policy has increased exponentially.(BEHIND THE SCREENS)
August 15, 2007... As the federal election looms, and with the recent expansion of HBOS/BankWest into the eastern states increasing competition in the Australian banking sector, the number of senior bank executives who have publicly called for a review of the...

Australian Banking & Finance magazine recently spoke with Liberty Financial's wunderkind CEO Sherman Ma who revealed that, as a 14-year-old in the suburbs of Los Angeles, he regularly played Dungeons & Dragons and never missed an episode of the cartoon on television.(BEHIND THE SCREENS)
August 15, 2007... Australian Banking & Finance magazine recently spoke with Liberty Financial's wunderkind CEO Sherman Ma who revealed that, as a 14-year-old in the suburbs of Los Angeles, he regularly played Dungeons & Dragons and never missed an episode of the...

On the record.(customer relations, services and management of banks)(Brief article)
August 15, 2007... "When I look at some of the margins of the other banks operating within Australia, I think there's room for BankWest to offer something more competitive... Secondly, I think the service proposition from a branch perspective--I don't think it's...

Our best bankers upbeat despite credit crunch: equity market volatility, the fall-out from the United States sub-prime loan situation and interest rates increases have all failed to dampen the optimism of Australia's most senior bankers about the prospects of the local financial services sector.(NEWS)
August 30, 2007... The 2007 Best Bankers panel discussion, sponsored by Optus, brought together major winners from the 2007 Australian Banking & Finance magazine Awards to discuss key issues and future directions in financial services. The speakers were...

Community First launches 'online greeter'.(NEWS)(Community First Credit Union)(Brief article)
August 30, 2007... Community First Credit Union has introduced 'Lisa', Australia's first online greeter. As part of the credit union's new website, Lisa aims to bring personality and a sense of humour to online banking, while providing interactive customer...

Call for nominations: Insurance Awards.(NEWS)
August 30, 2007... The annual Insurance Awards are up and running for the fifth year and Australian Banking & Finance magazine is calling for nominations in all categories. The Insurance Awards, which recognise the achievements of individuals and companies...

More consumers choosing fixed rate loans.(NEWS)(home loans)
August 30, 2007... Fixed interest rate home loans are now more popular than variable rate loans, according to consumer research by BankWest and the Mortgage & Finance Association of Australia (MFAA). The latest MFAA/BankWest Home Finance Survey found that...

Top techies say 'adapt or perish': banks, fund managers and insurers are all trying to please consumers who want seamless online service provision and infallible security in milliseconds.(SPECIAL REPORT: NEW TECHNOLOGIES IN FINANCIAL SERVICES)
August 30, 2007... At the recent Australian Banking & Finance magazine Best Bankers panel luncheon, Commonwealth Bank chief information officer Michael Harte was asked a question that reflects consistent speculation among stakeholders in the financial services...

Rabobank--swimming between the flags: "we only stick our toe in the water if we are going for a swim".(SPECIAL FEATURE: RABOBANK)(Rabobank Australia)(Mondo Financial )
August 30, 2007... With Rabobank's recent acquisition of boutique financial advisory company Mondo Financial under its belt, right next to the recently announced opening of a financial planning services division in Western Australia, chief executive officer Bruce...

Investment banking in crisis? Local institutions are reeling from a global credit crunch that must inevitably and fundamentally change the way they do business.(CIB: CORPORATE & INSTITUTIONAL BANKING)
August 30, 2007... In a recent episode of ABC TV's Inside Business, host Alan Kohler rather uncharitably described the world's investment bankers as having been caught with their pants down in terms of their exposure to the United States sub-prime loans crisis....

Best bankers look on the bright side.(BEST BANKERS PANEL DISCUSSION--PICTORIAL)
August 30, 2007... Five major winners from the 2007 Australian Banking & Finance magazine Awards--Macquarie Bank's Allan Moss, the Commonwealth Bank's Ralph Norris and Michael Harte, Aussie's John Symond and St George Bank's Greg Bartlett--provided an optimistic...

Jilted suitor BOQ now courting Mackay Permanent.(NEWS)
August 30, 2007... Still reeling from the rejection of its advances to Bendigo Bank, and perhaps stung by Bendigo's new relationship with Adelaide Bank, Bank of Queensland is now seeking emotional compensation by turning its attention to a less challenging...

Esteemed publication Business Week stepped in the proverbial dog business last week after forecasting that "European Banks Laugh Last".(BEHIND THE SCREENS)
August 30, 2007... Esteemed publication Business Week stepped in the proverbial dog business last week after forecasting that "European Banks Laugh Last". Brashly stating that there was "no sign of a home-grown subprime crisis" in Europe, with the continent only...

At the official launch of East & Partners' Annual Review, amongst the sparkling jewels at the Bulgari store in Sydney, the brainiest of bankers were left mind-boggled by the gentleman who worked the room performing card tricks for guests.(BEHIND THE SCREENS)(Brief article)
August 30, 2007... At the official launch of East & Partners' Annual Review, amongst the sparkling jewels at the Bulgari store in Sydney, the brainiest of bankers were left mind-boggled by the gentleman who worked the room performing card tricks for guests. With...

The lively and charismatic Donna Quinn, Bank of Queensland's retail banking group executive, says that bankers are given a lot of undeserving slack for supposedly working in a simple area that requires zero effort.(BEHIND THE SCREENS)
August 30, 2007... The lively and charismatic Donna Quinn, Bank of Queensland's retail banking group executive, says that bankers are given a lot of undeserving slack for supposedly working in a simple area that requires zero effort. Quinn, in her straightforward...

When Australian Banking & Finance magazine approached major banks over the past year to ask about the obvious skills shortage in the financial services sector, many gave the response.(BEHIND THE SCREENS)
August 30, 2007... When Australian Banking & Finance magazine approached major banks over the past year to ask about the obvious skills shortage in the financial services sector, many gave the response: "Skills shortage? What skills shortage? There's no such...

Bank customers 'not happy Jan!'.(NEWS)
August 30, 2007... According to a new report by research company Nielsen, nearly 10 per cent of Australian banking customers are unhappy enough with their bank's products and services to consider switching within the next 12 months, while a further though 30 per...