Australian Banking & Finance articles from August 2008

Australian Banking & Finance archives from August 2008

Not as easy as it sounds: while all the talk from Treasuer Wayne Swan is about boosting competition in the banking sector, market conditions, the volatility currently being experienced, and recent announcements by various players in the sector suggests consolidation is the path we are heading down.(NEWS)
August 15, 2008... [ILLUSTRATION OMITTED] Westpac-St.George. Commonwealth Bank-ABN AMRO. National Australia Bank-BankWest. These are just some of the names which have, are, or rumoured to be, involved in consolidation action happening in the...

Competition in mortgage market needs government's helping hand.(NEWS)
August 15, 2008... Government support is needed to improve liquidity and drive competition in the mortgage market says the securitisation industry's peak body. The global liquidity crisis and ensuing deterioration of the Australian securitisation market has...

Changing of the guard at NAB.(NEWS)
August 15, 2008... National Australia Bank has announced Cameron Clyne as the new group chief executive officer to succeed John Stewart from January 1 next year. Chairman of NAB, Michael Chaney, announced the appointment of Clyne, the current CEO of NAB...

Keeping up with the pace of change: along with any innovation in technology emerges the need to stay one step ahead of your competitors in this space amid the realisation that what's new today is old tomorrow. The financial services sector is on an endless journey to come up with the answers.(SPECIAL FEATURE)(Suncorp Investment Management launched internet banking access)
August 15, 2008... Advances in technology and the ability to exploit the breakthroughs to create a competitive advantage are regarded as paramount, and the financial services industry in Australia is on a mission to succeed. Bank customers want 24/7 service...

LIXI standards enable efficiencies.(SPECIAL FEATURE)(Lending Industry XML Initiative)(Brief article)
August 15, 2008... While technically not a "new technology", the Lending Industry XML Initiative (LIXI) is leading the way in introducing standards to improve efficiencies in the mortgage sector. E-Commerce standards have been developed to remove barriers to...

NAB, ANZ deliver the bad news.(SPECIAL FEATURE)
August 15, 2008... Both National Australia Bank and Australia and New Zealand Banking Group suffered heavy falls in their share price late last month after coming out within days of each other with warnings of bad debt provisions. NAB delivered the bad news...

Banks' bond issuance "strong".(SPECIAL FEATURE)
August 15, 2008... Australian banks have significantly increased their corporate bond issues as a precautionary measure, according to the RBA. Speaking at the Debt Markets 2008 Summit, Assistant Governor (Financial Markets), Guy Debelle, said the stock of...

Trans-Tasman Credit Summit.(EVENT--PICTORIAL)
August 15, 2008... The inaugural Trans Tasman Credit Summit, proudly sponsored by MasterCard, was held at the Langham in Auckland on Friday, 1 August 2008. The event, which combined presentations and panel discussions with a pre-Bledisloe luncheon, was a great...

Brokers still in the game.(NEWS)
August 15, 2008... Despite losing market share to the banks, brokers are still playing an important role in the home loan market, according to a new survey. Some 39 per cent of borrowers surveyed rely on brokers to save time and get them the best deal, and a...

Agri starts to feel the pressure.(NEWS)
August 15, 2008... Australia's listed agribusiness sector has started to feel the pressures plaguing the broader market, recording another month of negative returns, according to a new survey. However, despite its recent poor performance, the sector still...

ACOC OK with Westpac-St. George proposed union.(NEWS)(Report)(Brief article)
August 15, 2008... The ACCC has given preliminary approval to the Westpac and St George merger proposition before its final decision next week. "The ACCC considers that competition concerns are unlikely to arise in any of the retail banking markets," the ACCC...

ANZ launches service in Hong Kong.(NEWS)(Australia and New Zealand Banking Group Ltd.)(Brief article)
August 15, 2008... Australia and New Zealand Banking Group has launched a full financial advisory service as part of its Private Bank in Hong Kong. It is the first Australian bank to provide this service for clients in Hong Kong. "Our private bankers and...

Australia Financial Publication's sister magazine, INFINZ Journal for the New Zealand finance and capital markets, late last year featured Bank of New Zealand chief executive Cameron Clyne--who has been given the job of NAB chief--on its front cover.(BEHIND the SCREENS)
August 15, 2008... Australia Financial Publication's sister magazine, INFINZ Journal for the New Zealand finance and capital markets, late last year featured Bank of New Zealand chief executive Cameron Clyne--who has been given the job of NAB chief--on its front...

The times they are a changing!(BEHIND the SCREENS)
August 15, 2008... The times they are a changing! East & Partners latest business banking customer satisfaction report shows that online banking is now the most used channel by businesses. Previous reports found that the relationship manager has been the most...

Good luck to Credit Union Australia's head of retail banking, David Clulow, who is in training for a five-day cycling challenge across Cambodia in September to raise funds for a Cambodian financial literacy program run by the Credit Union Foundation Australia.(BEHIND the SCREENS)
August 15, 2008... Good luck to Credit Union Australia's head of retail banking, David Clulow, who is in training for a five-day cycling challenge across Cambodia in September to raise funds for a Cambodian financial literacy program run by the Credit Union...

Contemplating the future of structured finance.(NEWS)
August 15, 2008... Mounting losses and a continued lack of liquidity have meant structured finance vehicles (be they traditional securitisations, conduits, CDOs or SIVs) are very much under the spotlight. But are they the cause of the recent market turmoil or the...