Australian Banking & Finance articles from June 2003

Australian Banking & Finance archives from June 2003

Hawker lashes bogus insurers.(Michael Hawker, Insurance Australia Group Ltd.)(Brief Article)
June 16, 2003... WHILE THE INSURANCE INDUSTRY is in far better shape than it has been in the last two decades, Insurance Australia Group CEO Michael Hawker says there are stilt challenges within the sector that need to be overcome. Speaking at a Chief...

Locals circle NBNZ.(Australian banks consider buying National Bank of New Zealand Ltd.)
June 16, 2003... A GENERATION OF NEW Zealanders has been reared with the image of a spirited black horse rising on its hind legs to the stirring tones of Vivaldi's Four Seasons. But television advertisements featuring the Trakehner stallion--the logo of...

Mortgage slowdown only temporary, BT. (Current Account).(Brief Article)
June 16, 2003... BT CHIEF ECONOMIST CHRIS Caton says that business for banks and mortgage brokers was likely to fall over the next 18 months-but it may only be shortlived. Speaking at the annual Mortgage Industry Association of Australia annual conference...

Reinsurance market outlook negative. (Current Account).(Brief Article)
June 16, 2003... CONTINUED RATE INCREASES IN the global reinsurance market have faked to stem the downward pressure on ratings and the market outlook remains negative for the sixth successive year, Standard & Poor's Ratings Services says. The negative...

Banking world. (Current Account).(Brief Article)
June 16, 2003... [ILLUSTRATION OMITTED] Caption: Hang Seng Bank chairman David Eldon talks to shareholders at the bank's AGM in Hong Kong. HSBC Holdings Plc, which owns two of Hong Kong's three biggest banks, said its board will discuss the impact of a...

Aussie appoints marketing group. (Current Accounts).(Aussie Group of Companies appoints the Quantium Group)(Brief Article)
June 16, 2003... THE AUSSIE GROUP HAS appointed The Quantium Group to establish greater science behind its marketing activities. Quantium will provide a range of services ranging from basic analytical support to advanced modelling and will build on the...

US firms poach our top accountants. (Current Account).(US accounting firms recruiting in Australia)
June 16, 2003... THE 'BIG FOUR' PROFESSIONAL services firms are experiencing a shortage of chartered accountants, according to specialist recruitment consultancy Michael Page Finance. This trend is being driven by rising demand for Australian chartered...

On the record. (Current Account).(Frank Cicutto, Jon Nicholson, David Murray and Frank Conroy said)(Brief Article)
June 16, 2003... "If we just retreat back home, I scratch my head and wonder where the growth options are going to come from for purely Australian-based financial. institutions." NAB CHIEF FRANK CICUTTO, SUGGESTING THE COMPANY WOULD CONTINUE TO INVEST...

Global banks may target Australia. (News).
June 16, 2003... THE WORLD'S 100 LARGEST financial services companies indicate they expect to transfer an estimated $US356 billion of their operations and two million jobs to offshore locations--including Australia--over the next five years in efforts to reduce...

Insurance Accolades. (News).(Australian Banking & Finance newsmagazine hosts the inaugural "Insurance Industry Accolades" honouring achievements in the insurance sector)
June 16, 2003... FRESH FROM THE SUCCESS OF the 13th annual Australian Banking & Finance newsmagazine Awards, the nation's premier financial services publication is undertaking an exciting new initiative. Australian Banking & Finance newsmagazine will this...

Water reform to hit farm loans. (News).(farm financing practices could change under the new water laws)(Brief Article)
June 16, 2003... NATIONAL AUSTRALIA BANK says water reform has the potential to fundamentally change farm financing practices, place irrigation farmers under increasing cash flow pressure, and weaken irrigators' capacity to invest in water efficient technology....

CBA upgrades net banking. (News).(Commonwealth Bank of Australia)
June 16, 2003... THE COMMONWEALTH BANK IS upgrading its online banking service. A consortium comprising IBM Business Consulting Services and Eontec Ltd have won the tender for the upgrade. Hugh Harley, the CBA's group executive, retail banking...

Household credit risk: Reserve Bank Governor Ian Macfarlane explains the central bank's stance on interest rates. (News).
June 16, 2003... "SOME CENTRAL BANKS HAVE reduced interest rates over the past few days. As you know, we did not. This was not because we are unaware of the downward risks that are presented by the global economy, nor because we think our economy is...

Majors adopt Nostro. (News).(major banks adopt Cable and Wireless Real Time Nostro)(Brief Article)
June 16, 2003... THE ANZ BANK, BARCLAYS, JP Morgan Chase and Mizuho are to adopt, Cable and Wireless Real Time Nostro as the standard infrastructure for sharing critical Nostro account information between financial institutions and other organisations. ...

Multiple view reporting a challenge to systems. (News).(financial reporting guidelines set by the Australian Stock Exchange Ltd. and the International Accounting Standards Board)
June 16, 2003... THE REPORTING AND GOVERNANCE landscape for all organisations is undergoing another round of changes. The changes will create more transparent performance reporting and onerous compliance requirements. The changes mean that: * New...

Channels to build better customer relationships. (examining the customer).(financial services third party distribution channels)
June 16, 2003... IN THIS ARTICLE WE LOOK AT one of the forgotten key stakeholders on the relationship marketing landscape--your "channel partner". Financial services organisations are, like so many businesses in today's competitive and fast paced business...

Finding the right business package: will business packages replicate the success of personal banking packages? (research revelations).
June 16, 2003... GIVEN THE SUCCESS OF PERSONAL banking packages in driving customer acquisition (particularly for mortgages) it should be no surprise that more and more institutions are adopting the packaged product strategy when targeting the business sector....

Netbanker. (News).(top 10 web sites of banks and financial institutions by visits)(Brief Article)(Illustration)
June 16, 2003... Banks and Financial Institutions -- Australian Sites RANK DOMAIN MARKET SHARE 1. www.netbank.commbank.com.au 18.01% 2. www.commbank.com.au 15.92% 3. www.anz.com ...

ING breaks $10bn loan mark. (News).(ING Bank )(Brief Article)
June 16, 2003... AFTER ENTERING THE AUSTRALIAN mortgage industry only six years ago, ING Bank is fast becoming a significant mortgage provider, this week achieving $10 billion in loans. ING Bank's chief executive Vaughn Richtor said the company's rate of...

Savings accounts win online. (News).(internet banking)
June 16, 2003... WHEN ING DIRECT LAUNCHED ITS Savings Maximiser product and regaled Australians with the concept of a high yield, at-call sayings account, the internet was a cornerstone of its offering. The strategy adopted by ING Direct, and maintained to...

Solvency regulations to assist life insurers: Michael Rice, director of Rice Walker Actuaries, looks at how strong solvency regulations will help the life insurance industry emerge from the current financial services downturn and the lessons that have been learnt by all companies operating in the financial services sector. (News).
June 16, 2003... THE LIFE INSURANCE INDUSTRY has changed dramatically over the last 20 years. Yet, we are about to see further change, which, incredibly, is going to be even more far reaching. The industry was fairly stable in the regulated and...

Time to develop executive skills. (executive suite).
June 16, 2003... THE SPOTLIGHT OVER THE PAST two years has shone brightly on directors, in particular on the performance of the CEO and senior executives. Many boards and business organisations have moved quickly to restore investor confidence in their...

The critical question. (News).(why are banks moving to open branches again)(Brief Article)
June 16, 2003... Q: Why are banks moving to open branches again? "Reversing a 1990s trend away from 'high-touch' delivery channels, retail financial institutions have been making significant reinvestments in an old standby--the bank branch. The branch...

Consumers vent frustration over inferior service levels. (Special Report-Emerging Technologies).
June 16, 2003... A GLOBAL CONSUMER SURVEY has illustrated the high level of frustration consumers feel when dealing with poorly operated customer service call centres. The survey, which elicited 2367 responses from around the globe, proves that consumers...

Smart companies are using web conferencing. (Special Report-Emerging Technologies).
June 16, 2003... UNTIL RECENTLY, THE ONLY alternative to flying interstate or overseas to attend a business meeting was to use video conferencing--an expensive option, limiting its use to a small number of large corporations that could afford the bandwidth and...

System predicts risky customer behaviour. (Special Report-Emerging Technologies).(NCR Teradata's data warehouses)
June 16, 2003... FINANCIAL INSTITUTIONS ARE being offered a data mart consolidation program designed to help save millions by tackling a common problem hidden within their information technology (IT) infrastructures--too many data warehouses, not enough usable...

Funke Kupper addresses wealth at Melbourne lecture. (People).(Brief Article)
June 16, 2003... Elmer Funke Kupper, the head of personal banking and wealth management at the ANZ Bank was the guest speaker at an Australian Banking & Finance newsmagazine lecture in Melbourne last month. He discussed the benefits of ANZ's relationship with...

Behind the screens. (News).(ANZ Bank Ltd. considers Esanda Finance Corporation Ltd. sale)(Macquarie Bank)(Brief Article)
June 16, 2003... Recent media speculation that ANZ Bank could look to sell off its asset finance business certainly surprised managing director of the Esanda division Elizabeth Proust and her staff. Under Proust, Esanda has improved the business's return on...

The most pathetic piece of television ever seen, was one description from a finance professional. (News).(Brief Article)
June 16, 2003... The most pathetic piece of television ever seen, was one description from a finance professional. Screens agrees. The day after Rene Rivkin was convicted of insider trading Channel Nine's Today Show devoted a segment to the story. Fair enough,...

CBA supremo David Murray has no hard feelings towards the media for its coverage of lofty executive payouts, AAP reports. (News).(Commonwealth Bank of Australia )(Brief Article)
June 16, 2003... CBA supremo David Murray has no hard feelings towards the media for its coverage of lofty executive payouts, AAP reports. However Murray, who received nearly $7 million in total remuneration last financial year, still believes publication of...

Suncorp CEO John Mulcahy is a rugby lover so it was no surprise to see him announce the group's biggest-ever sponsorship deal, signing on as an official partner of the Rugby World Cup 2003. (News).(Suncorp-Metway Ltd.)(Brief Article)
June 16, 2003... Suncorp CEO John Mulcahy is a rugby Lover so it was no surprise to see him announce the group's biggest-ever sponsorship deal, signing on as an official partner of the Rugby World Cup 2003. This sponsorship represents a significant step in the...

Cashcard looks to continue growth after 10th birthday. (News).(Brief Article)
June 16, 2003... CASHCARD LAST MONTH celebrated its 10th anniversary. Cashcard was formed in 1993 through the merger of two long standing Australian EFT companies--FTS Australia and CC (ATM) Services. Since that time Cashcard has grown its business...

Royal & Sun announces new brand. (News).(Royal and Sun Alliance PLC becomes Asteron)(Brief Article)
June 16, 2003... ROYAL & SUNALLIANCE Financial Services has a new name and brand identity for its Australian and New Zealand businesses. The group will be known as Asteron from 1 July 2003. Asteron is a word coined from 'astron' which is Greek for star. The...

Contact Centres Australia 2003.
June 16, 2003... 17-19 September 2003, Carlton Crest Hotel, Melbourne Australia's favourite contact centre event * The networking and learning event of the year * Featuring Australia's leading contact centre managers * Incorporating the social...

Govt to downgrade Axiss.(federal government proposes to make Axiss Australia into a division of Invest Australia)
June 30, 2003... AUSTRALIA'S SUCCESS IN attracting international banking and finance companies to our shores is under threat following a move by the Federal Government to make Axiss Australia a division of Invest Australia, the government body promoting...

Axa chief questions banks' wealth push.(Les Owen of AXA Group)(Brief Article)
June 30, 2003... AXA CHIEF EXECUTIVE LES OWEN has questioned the likely success of banks in wealth management. He said the major banks, for the third year in a row, were sending reports to more than one million of their customers telling them they had lost...

Insurance Accolades take shape.(magazine to offer awards)(Brief Article)
June 30, 2003... THE 2003 AUSTRALIAN BANKING & Finance newsmagazine Insurance Accolades are taking shape with a respected judging panel now in place. The Accolades, run along similar lines to our hugely successful. Australian Banking & Finance Awards, will...

Wizard seeks to double number of branches. (Current Account).(Wizard Mortgage Corp. aims to boost share of mortgage market)(Brief Article)
June 30, 2003... WIZARD MORTGAGE CORP AIMS to boost its share of Australia's home-lending market by 60% within 18 months, says chief executive Angelo Malizis. He expects the closely held company to almost double its number of branches to 300 by the middle...

PMI announces new location strategy. (Current Account).(PMI Mortgage Insurance)(Brief Article)
June 30, 2003... IN AN AUSTRALIAN FIRST, LEADING lenders mortgage insurer PMI Mortgage Insurance has introduced a new location strategy which will give them the potential to extend Lenders Mortgage Insurance (LMI) coverage to every residential location across...

Banking world. (Current account).(Dresdner Bank sees improvement in first quarter, 2003)(Brief Article)
June 30, 2003... Allianz Group flags fly on the company headquarters in Munich, Germany. Allianz AG, Europe's largest insurer, said Dresdner Bank had a "significant" improvement in the first quarter, suggesting a recovery at the banking unit after 4 billion...

IPO's decline on market downturn. (Current Account).(initial public offerings activity, 2002-2003)(Brief Article)
June 30, 2003... INITIAL PUBLIC OFFER (IPO) activity declined again in 2002-03, according to the latest annual survey by KPMG Corporate Finance. A total of 56 companies will complete an IPO and list on the Australian Stock Exchange by the close of the...

CUA seeks $300m in capital raising. (Current Account).(Credit Union Australia)(Brief Article)
June 30, 2003... CREDIT UNION AUSTRALIA HAS launched its second Harvey Trust Prime Residential Mortgage Backed Securities (RMBS) issue, seeking to raise about $300 million. CUA went to the market in September 2002 with its first Prime RMBS issue to raise...

Banks want government to help fight cybercrime. (Current Account).(Australian Bankers Association makes submission to Parliamentary Joint Committee)(Brief Article)
June 30, 2003... THE AUSTRALIAN BANKERS' Association (ABA) has urged the Federal Government to provide further support to banks and other industry groups in order to establish the planned forum dubbed the 'Trusted Information Sharing Network." David Bell,...

On the record. (Current Account).
June 30, 2003... "What is required is nothing short of a major transformation of the bank and its culture in the way we do our day-to-day work and serve customers." CBA CHIEF EXECUTIVE DAVID MURRAY, ANNOUNCING THE RETENTION OF MCKINSEY & CO TO UNDERTAKE A...

IBSA slams Senate move. (Current Account).(International Banks and Securities Association criticizes rejection of expatriate tax reforms)(Brief Article)
June 30, 2003... THE SENATE'S REJECTION OF expatriate tax reforms--for the second time--is a sacrifice of good policy to politics, says the International Banks and Securities Association. The vote in the Senate is a significant setback to the strategic...

Wholesale banks defy global trends. (News).(performance of wholesale banks in Australia, 2002)(Industry Overview)
June 30, 2003... THE GLOBAL ECONOMIC downturn has not adversely impacted the performance of Australia's wholesale banks, according to a survey by KPMG. The survey analyses the performance of eight wholesale banks with Australian operations. 2002 was a...

Best bankers panel. (News).(banking executives to discuss issues affecting financial services industry)(Brief Article)
June 30, 2003... FOUR OF AUSTRALIA'S TOP banking and finance leaders are coming together to discuss some of the major issues affecting the financial services industry. St George Bank chief executive Gail Kelly, IAG chief executive Michael Hawker, the...

UBS cuts workforce. (News).(UBS AG)(Brief Article)
June 30, 2003... UBS AG, EUROPE'S BIGGEST bank by assets, is cutting about 500 jobs at its investment bank worldwide as revenue from equity sales and merger advice declines. The Swiss bank is shedding about 3% of the employees at UBS Investment Bank. ...

Finance brokers forced to disclose full commissions. (denovan's law).
June 30, 2003... THE NSW GOVERNMENT HAS reintroduced legislation to require finance brokers to disclose commissions irrespective of whether the fee is paid by the borrower or the lender. The legislation is in substantially the same form as the legislation...

Millionaire ranks rise in strong economy. (News).(Asia-Pacific region)
June 30, 2003... THERE WERE AN ESTIMATED 105,000 high net worth individuals in Australia at the end of 2002, according to the 2003 World Wealth Report by Merrill Lynch and Cap Gemini Ernst & Young. "This was 5000 people more than the previous year," said...

Finance outsourcing grows. (News).
June 30, 2003... THE OUTSOURCING OF FINANCE and accounting functions is primed for growth, with more than 70% of senior executives predicting that demand will become even more prevalent over the next three years, according to a study by Accenture and the...

Contactless payments present opportunity. (News).(radio frequency ID and electronic payment systems)(Brief Article)
June 30, 2003... CONTACTLESS PAYMENTS, specifically radio frequency ID (RFID), are presenting banks with an opportunity to capture a significant portion of a traditionally cash-based market. Contactless payments are increasingly seen as a solution to many...

Financial institutions under attack. (Special report: privacy and security).
June 30, 2003... EXTERNAL AND INTERNAL security threats on the world's top financial institutions, including Australian banks, are increasing and diversifying. Australian banks pre feeling the "push to take action in the face of imminent danger [more] than...

CBA launches online security programs. (Special report: privacy and security).(Commonwealth Bank of Australia)
June 30, 2003... THE COMMONWEALTH BANK has become the first bank in Australia to launch both Verified by Visa and MasterCard SecureCode online security programs to make Internet transactions safer for both customers and merchants. Both features are simple,...

How is your risk of incarceration? (Special report: privacy and security).
June 30, 2003... CURRENT GOVERNMENT regulations and recent court cases have brought the increasingly important issues of process, compliance and accountability to the attention of both public and private organisations. Defined and controlled information...

Australia's newest financiers are also the richest. (behind the screens).(Brief Article)
June 30, 2003... Australia's newest financiers are also the richest. BRW's 200 rich list confirms the succcess of the new breed of home loan providers. Aussie John Symond leads the new brigade with an estimated personal wealth of $158 million. Not far behind is...

ANZ Bank chief executive John McFarlane is taking the chair at the Australian Bankers' Association. (behind the screens).(Brief Article)
June 30, 2003... ANZ Bank chief executive John McFarlane is taking the chair at the Australian Bankers' Association. He takes over from David Murray who has completed his two-year term as the ABA chairman. McFarlane paid tribute to the work and effort of...

When a CEO announces his resignation the cynics, in most instances, suggest he was axed. (behind the screens).(Steve Crane, ABN AMRO Australia Ltd.)(Brief Article)
June 30, 2003... When a CEO announces his resignation the cynics, in most instances, suggest he was axed. So what about ABN Amro boss Steve Crane? Well the official line is that he is looking for a change in his work life, but will continue his association with...

Outgoing head of Axiss Australia Les Hosking is confident of hooking a big one before he leaves. (behind the screens).(Brief Article)
June 30, 2003... Outgoing head of Axiss Australia Les Hosking is confident of hooking a big one before he leaves. He's talking to five of the world's biggest investment banks at the moment about relocating operations here and is close to winning the first one.

Get prepared for the bad times. (News).(impact of economic conditions on banks)
June 30, 2003... BANKERS ALWAYS NEED TO prepare for different scenarios. On the one hand, there is the need to budget for modest or moderate growth in their business over time as expected economic conditions improve. On the other hand, with a weather...

Transaction banking on the improve. (News).(according to East & Partners study)
June 30, 2003... THE QUALITY OF TRANSACTION banking delivery is playing a greater rote than ever in determining which banks are chosen as corporates' primary relationship banker, according to new research from banking analyst firm East & Partners. East &...