Australian Banking & Finance articles from May 2003

Australian Banking & Finance archives from May 2003

Kelly the top executive, St George wins best bank.(Gail Kelly)
May 20, 2003... THE MANAGING DIRECTOR AND chief executive of St George Bank Gail Kelly has been voted Best Financial Services Executive by our readers in the 13th annual Australian Banking & Finance newsmagazine Awards. And, in a double celebration, St...

2003 award winners.(banking industry )(Brief Article)
May 20, 2003... BEST FINANCIAL SERVICES EXECUTIVE Gail Kelly BEST BANK St George BEST NON-BANK FINANCIAL INSTITUTION IAG BEST FOREIGN BANK ING BEST INVESTMENT BANK Macquarie BEST REGIONAL BANK Bank of...

'First lady' of banking delivers. (Best Financial Services Executive).(St George Bank)
May 20, 2003... SEVENTEEN MONTHS AGO ST George Bank, the nation's fifth largest bank, surprised the market by appointing Gail Kelly as managing director and chief executive officer after the sudden death of Ed O'Neal. She took the honour of becoming the...

St George seeks to become an even better bank. (Best Bank).
May 20, 2003... THE PAST YEAR HAS BEEN A watershed year for St George Bank. On July 1 the bank celebrated 10 years as a bank, its restrictive articles fell, away and management developed a strategy for growth, realinging operations to be more customer...

Investors embrace vision. (Best Non-Bank Financial Institution).(Michael Hawker leads Insurance Australia Group Ltd. to profits)
May 20, 2003... WHEN MICHAEL HAWKER, IN HIS first decisive move as CEO of IAG, announced the $1.8 billion acquisition of CGU and NZI in October last year, the market took a big step back. The universal claim was that IAG overpaid for the businesses and...

ING maximises position in domestic marketplace; the old maxim "no pain, no gain" certainly applies to ING Bank (Australia) in a financial sense. (Best Foreign Bank).
May 20, 2003... The group sustained losses of $24.5 million in 2000 and $2.9 million in 2001, but turned this around spectacularly in the year to December 2002 with a stunning profit of $64.1 million. The loss in 2000 was largely attributed to the...

Bank of Queensland scales new heights. (Best Regional Bank).
May 20, 2003... BANK OF QUEENSLAND HAS BEEN the standout performer among the regional banking sector in the past year, enjoying strong growth across a number of fronts. The growth has been driven through higher productivity, increased branch numbers, new...

Macquarie benefits from transactions and initiatives; Macquarie Bank has continued to source good transactions domestically and internationally despite challenging conditions in the past year. (Best Investment Bank).
May 20, 2003... Chief executive Allan Moss said recently the group was taking the opportunity in the current environment to improve market shares right across its businesses. Since the interim balance date at September 30, 2002, the bank's investment...

HSBC services cash needs. (Best New Product).
May 20, 2003... HSBC BANK AUSTRALIA launched the new international cash management account (ICM) in July last year, offering a competitive interest rate and overseas access as part of the financial institution's deposit book expansion strategy. The bank...

Heritage the biggest and now the best: Heritage Building Society chairman Brian Carter has always said he wanted the group to be the best society in Australia, not the biggest. (Best Building Society).
May 20, 2003... But, in trying to be the best, it has indeed become the biggest. Official figures from the Australian Prudential. Regulation Authority now rank the Toowoomba-based Heritage at the top of the List of Australia's 15 building societies. ...

CUA improves standing. (Best Credit Union).(Credit Union Australia)(Metropolitan Credit Union)
May 20, 2003... Credit Union Australia has substantially improved its standing in the financial services space in the past year. One of its most significant achievements has been the realisation of a goal, to become an eastern seaboard credit union with a...

Wealth of information graces HSBC website. (Best Website).
May 20, 2003... HSBC BANK AUSTRALIA HAS launched a number of online initiatives in the last five years including its internet trading service in August 1999, the country's first internet economic forum for retail investors via its netTrader website in April...

Heffernan guides major IT projects. (Best CIO/e-Banker).(Jennifer Heffernan, Bank of Queensland)(Brief Article)
May 20, 2003... JENNIFER HEFFERNAN HAS notched up some significant achievements since being appointed general manager of IT at the Bank of Queensland in May, 2001. Her responsibilities include information technology, outsourcing governance, legal,...

NRMA reinforces "help". (Best Promotion).(Insurance Australia Group's campaign aligning all retail brands: NRMA Insurance Ltd., SGIC Insurance & SGIO)(Brief Article)
May 20, 2003... THE BY MY SIDE ADVERTISING campaign was launched by IAG in late September 2002. It was a 'first' for IAG on many fronts: * it was the first time IAG had undertaken pure brand advertising in many years. * It was the first full...

Melbourne bankers attend AB&F Awards roundtable.(Brief Article)
May 20, 2003... Some of the key figures in the Melbourne finance community attended a roundtable luncheon last month in the lead up to the Australian Banking & Finance newsmagazine Awards. The function, sponsored by Optus, is an annual event to congratulate...

NAB/MLC tops list in total risk sales. (News).(National Australia Bank Ltd.)(statistical data included)
May 20, 2003... NATIONAL AUSTRALIA/MLC Group emerged as the 2002 market leader for total sales of all risk business--individual risk lump sum, individual risk income and group risk, with a 15.5% market share. Last year's market leader, AXA, currently...

AMP looks for 'fresh start'. (the critical question).(Brief Article)
May 20, 2003... Q What will AMP's decision to hive off its troubled British unit and raise $1.5 billion in a share offering mean for the company's future? * AMP chief executive ANDREW MOHL: "It is a fresh start. In effect, we are bringing AMP back home...

Banking business outstrips fee income in 02. (News).
May 20, 2003... GROWTH IN BANK FEE INCOME was outstripped by the growth in banking business in 2002, according to a PricewaterhouseCoopers report commisioned by the Australian Bankers' Association. The report also shows many borrowers are benefiting from...

CIOS face tighter budgets. (News).
May 20, 2003... CIOS OF FINANCIAL SERVICES companies are feeling severe pressure to accelerate innovation, but at the same time, they're being forced to do so under tighter budget constraints, according to a survey of leading CIOs conducted by Gartner...

AXA chief talks up personal relationships: the chief executive of AXA Les Owen discussed the group's improved performance, strategy and personal goals in an interview on the Seven Network this month. (News).(Interview)
May 20, 2003... Q. How did you lift the AXA profit when your bank rivals got into so much trouble? Owen: I don't know. I can't really comment on the banks. We've tried to focus on our core business--wealth management and financial protection. We think it...

Local banks post strong gains in New Zealand. (News).
May 20, 2003... WELLINGTON: A STRONG PROPERTY market, tow interest rates and the aftermath of a rural boom helped lift profit among New Zealand's biggest banks fast year. Registered banks posted a 17% rise in underlying performance, reflected in overall...

ANZ chief plays down share buyback. (Current Account).(Brief Article)
May 20, 2003... ANZ BANK CHIEF EXECUTIVE JOHN HcFarlane has played down the prospects of a share buyback in the near-term. McFarlane justified holding on to excess capital at a time when corporate loans could face some risks, and also said he was loath to...

Visa, MasterCard settle lawsuit. (Current Account).(Brief Article)
May 20, 2003... VISA AND MASTERCARD WILL PAY a combined $US3 billion to Wal-Mart Stores Inc and other retailers to settle a lawsuit over debit card fees that has raged for seven years. The resolution of the suit, which will include a lowering of the card...

Small business banking moves further online. (Current Account).(Brief Article)
May 20, 2003... MORE THAN 20% OF SHALL businesses will be banking online by 2005. This dramatic growth will be the direct result of better technology, increased comfort with the internet, and a greater interest in this segment by financial, institutions,...

Citibank ATM's offer screen messages. (Current Account).(Brief Article)
May 20, 2003... CITIBANK ATMS NOW FEATURE A friendlier and more human-like message script than ATMs of the past, according to a Columbia News Service report, with a screen message that reads "I'm working on it, just a moment, please" white the transaction is...

HSBC launches new stockbroking service. (Current Account).(Brief Article)
May 20, 2003... HSBC HAS LAUNCHED ITS NEW stockbroking service, including fully integrated banking and wealth management, targeted at sophisticated investors and frequent traders. HSBC offers a comprehensive financial services marketplace providing...

Banking world. (Current Account).(Brief Article)
May 20, 2003... Frank Quattrone, the former head of Credit Suisse First Boston's technology banking unit, is led away from the federal courthouse in New York on Wednesday, April 23, 2003. Quattrone surrendered to federal authorities to face criminal charges he...

On the record. (Current Account).
May 20, 2003... "It has been a hell of a roller coaster ride, lots of thrifts and spills." AMP BOSS ANDREW MOHL ON THE DIRECTION OF THE COMPANY. "We've certainly seen fraud--and attempted fraud--increase reasonably dramatically." NATIONAL...

Asian funds businesses work hard to keep elements. (News).
May 20, 2003... THINGS HAVE QUIETED DOWN AT JF Funds' walk-in investment centre in Hong Kong's business district. JF Funds Ltd, one of Asia's top fund companies with $31 billion in assets in the region, reports a 20% drop in customer traffic at the plush...

Netbanker. (News).
May 20, 2003... ACCORDING TO HITWISE, THE online banks and financial, institutions category has shown some improvement after a decrease in market share in the first quarter of this calendar year. Two CBA websites, CBA NetBank--www.netbank.commbank.com.au...

Money laundering, fraud and the US Patriot Act: how Australian business fits into an illegal $500 billion industry. (News).
May 20, 2003... AUSTRALIA IS PART OF THE global money laundering and fraud industry. Every day, our financial institutions could unwittingly be passing millions of dollars that are being manipulated by organisations and individuals ranging from Saddam...

Managing risk in financial markets. (News).
May 20, 2003... Managing risk in financial markets has become increasingly complex as fund managers of all kinds operate in a more and more globalised fashion. According to Macquarie Funds Management, most Australian superannuation funds now hold 20-30%...

Wall St firms separate analysts from bankers. (News).
May 20, 2003... NEW YORK (REUTERS) -- IN WALL Street's new era of heightened sensitivity, it seems analysts and bankers aren't even allowed to be friends anymore. At firms such as Goldman Sachs Group Inc and Morgan Stanley, e-mails--of even the most...

ANZ selects eFunds for e-commerce platform. (News).
May 20, 2003... eFUNDS INTERNATIONAL, A leading provider of electronic payments, risk management and business process outsourcing solutions, said ANZ Banking Group had chosen to build and deploy its secure e-commerce platform for Identrus solutions around the...

Financial services reform and banks. (News).
May 20, 2003... IN RECENT TIMES FINANCIAL services reform has been injected with growth hormone. The result is a banking industry suffering from compliance fatigue syndrome. The key objectives of financial services reform (which included eliminating...

Special message from Cashcard.(Brief Article)
May 20, 2003... Cashcard is pleased to present "13 Years of Winners" to commemorate the Awards winners for 2003. The Australian Banking and Finance Awards recognise industry excellence across the banking and finance markets. Cashcard is a leader in the...

Best financial services executive. (13 Years Of Winners).
May 20, 2003... 2003 GAIL KELLY Gail Kelly (DipEd BA MBA) took the honour of becoming the first female CEO of a top 100 company in Australia in January 2002. Today, it is safe to say that Kelly has passed the first test and has won the confidence of...

Best bank. (13 Years Of Winners).
May 20, 2003... 2003 ST GEORGE BANK On July 1 St George Bank celebrated 10 years as a bank. Its results have been solid and it has maintained its independence despite a torrent of takeover speculation. While St George has grown significantly in...

Best non-bank financial institution. (13 Years Of Winners).
May 20, 2003... 2003 IAG When Michael Hawker, CEO of IAG, announced the $1.8 billion acquisition of CGU and NZI in October 2002, the market took a big step back. Seven months later the market is feeling much more comfortable. The shares are now...

Best regional bank. (13 Years Of Winners).
May 20, 2003... 2003 BANK OF QUEENSLAND Bank of Queensland has been the standout performer among the regional banking sector in the past year. The growth has been driven through higher productivity, increased branch numbers, new products, IT and...

Best foreign bank. (13 Years Of Winners).
May 20, 2003... 2003 ING BANK ING sustained losses of $24.5 million in 2000 and $2.9 million in 2001, but turned this around spectacularly in the year to December 2002 with a stunning profit of $64.1 million. The loss in 2000 was largely...

Best investment bank. (13 Years Of Winners).
May 20, 2003... 2003 MACQUARIE BANK Macquarie Bank has continued to source good transactions domestically and internationally despite challenging conditions in the past year. Chief executive Allan Moss said recently the group was taking the...

Best website: formerly best e-commerce initiative. (13 Years Of Winners).
May 20, 2003... 2003 HSBC BANK HSBC Bank Australia has launched a number of online initiatives in the last five years including its internet banking for personal customers in 2001. Today, the bank's website offers a wealth of information and...

Best new product launched. (13 Years Of Winners).(in banking industry, since 1995)
May 20, 2003... 2003 HSBC BANK HSBC launched the new international, cash management account (ICM) in July last year, offering a competitive interest rate and overseas access as part of the financial institution's deposit book expansion strategy. ...

Best banking & finance promotion. (13 Years Of Winners).
May 20, 2003... 2003 NRMA INSURANCE The By My Side advertising campaign was launched by IAG in late September 2002. The campaign was designed to reinforce the importance of 'help' as a cornerstone of the IAG retail insurance brands. The campaign...

Best chief information officer (CIO)/e-banker. (13 Years Of Winners).
May 20, 2003... 2003 JENNIFER HEFFERNAN Jennifer Heffernan has notched up some significant achievements since being appointed general manager of IT at the Bank of Queensland in May, 2001. Her responsibilities include information technology,...

Best building society. (13 Years Of Winners).(Heritage Building Society Ltd.)
May 20, 2003... Heritage Building Society chairman Brian Carter has always said he wanted the group to be the best society in Australia, not the biggest. But, in trying to be the best, it has indeed become the biggest. Official figures from the Australian...

Best credit union. (13 Years Of Winners).(Credit Union Australia in 2003 and Australian National Credit Union in 2002)
May 20, 2003... 2003 CREDIT UNION AUSTRALIA Credit Union Australia has substantially improved its standing in the financial services space in the past year. One of its most significant achievements has been the realisation of a goal to become an...

Hall of fame. (13 Years Of Winners).(famous businessmen in Australian financial services industry )
May 20, 2003... 2002 DAVID MURRAY David Murray joined the Commonwealth Bank in 1966 and was appointed Chief Executive Officer in June 1992. He is a Board member of the Bank. During David's time as Chief Executive Officer, the Bank has undergone...

2003 guests of honour. (13 Years Of Winners).
May 20, 2003... THE HON. PETER BEATTIE MP PREMIER AND MINISTER FOR TRADE PETER BEATTIE Peter Beattie has been Premier of Queensland since June 26, 1998. His vision is to turn Queensland into Australia's Smart State through a newly-focused...

In attendance: past VIPs. (13 Years Of Winners).(keynote speakers and guests of honour)(Brief Article)
May 20, 2003... 2002 ALLAN FELS Professor Allan Fels, chairman of the ACCC. Guest of honour and keynote speaker. 1999 JOHN HOWARD Then Leader of the Opposition, now Prime Minister, John Howard. VIP Guest, keynote speaker. 1996 ...

AB&F launches insurance accolades.(Australian Banking & Finance hosts "Insurance Industry Accolades")
May 30, 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...

Basel II force strategic rethink: the "Three Pillars" of Basel II will have more impact on Australian bankers going forward than the government's four pillars.(Basel Capital Accord II)
May 30, 2003... A 1% saving in capital requirements under Basel II can release over $1 billion in regulatory capital from the majors for other activities. If you are not up to speed with Basel II's strategic impacts for your line of business, you are in...

American Express's new loyalty program. (Current Account).(Brief Article)
May 30, 2003... AMERICAN EXPRESS HAS unveiled 'Membership Privileges', a no cost loyalty program, which brings new benefits, including exclusive discounts and special offers, to every credit and charge card customer. "This national program will further...

Banking world. (Current Account).( Citigroup Inc. and Bank of America Corp.)(Brief Article)
May 30, 2003... A patron of a Citibank branch in New York exits the building. Citigroup Inc and Bank of America Corp, the two biggest US banks by market value, reported higher first-quarter earnings as consumer lending increased and loan tosses declined....

Property market may cause stress, S&P. (Current Account).(Standard & Poor's analysis)(Brief Article)
May 30, 2003... THE AUSTRALIAN RESIDENTIAL property market conditions present the classic preconditions for potential financial stress in the Australian financial institutions sector, says Gavin Gunning, credit analyst, Financial Services Ratings, in a global...

On the record. (Current Account).(Gail Kelly, Peter Willcox and Richard Branson quoted.)(Brief Article)
May 30, 2003... "Every day I hear stories of St George staff going the extra mile for customers." ST GEORGE CEO GAIL KELLY, PAYING TRIBUTE TO STAFF AFTER BEING NAMED FINANCIAL SERVICES EXECUTIVE OF THE YEAR. "AMP had too much of your money in the...

The four ways to win customers. (Current Account).(for small to mid-size retail banks)
May 30, 2003... SMALL TO MID-SIZE RETAIL banks today are in a fierce struggle to attract and retain customers in what has become an increasingly competitive marketplace. Changing banks is so simple that consumers will quickly take their business elsewhere...

Banks to focus on costs as wealth management falters. (News).
May 30, 2003... THE FIRST HALF OF 2002/2003 was a period of solid financial performance and strong asset growth for Australia's major banks. A resilient domestic economy, coupled with lending growth helped the four majors and St George report an increase...

Security and privacy 'critical': the retail financial services industry of year 2020 may be characterised by personalisation, a financial "ecosystem" tightly connected by technology, and pervasive access to products and services across a broader range of consumer touchpoints. (News).(Brief Article)
May 30, 2003... THESE WERE SOME OF THE predicTIONS shared by TowerGroup in the closing presentation of its 2003 Financial Services Business & Technology Conference in Boston last week. Mark Sievewright, TowerGroup president and CEO, and Bob Landry, VP of...

Citibank recovers twin credit. (News).(Brief Article)
May 30, 2003... THE BANKING INDUSTRY IS celebrating the victory of Citibank in a case over the inadvertent crediting of money into a client's account. The case involved Citibank customer, the Perth-based meat exporting company called Culley & Russell Pty...

Rabobank in NZ expansion. (News).(Brief Article)
May 30, 2003... RABOBANK AUSTRALIA AND New Zealand Group has agreed to purchase the rural lending portfolio of AMP Bank in New Zealand. The portfolio--which comprises $222 million (NZ$249 million) of loans to primary producers throughout New Zealand--is...

Murray softens stance on IT. (News).(David Murray)
May 30, 2003... ONE OF THE BANKING SECTOR'S most vocal critics of information technology, Commonwealth Bank CEO David Murray, has softened his stance. Fifteen months ago Murray made headlines around the globe after he heavily criticised the industry at an...

Netbanker. (News).(banks and financial institutions online market share increased, according to Hitwise)(Brief Article)
May 30, 2003... THE ABOVE CHARTS DEMONSTRATE the increase in Banks & Financial Institutions online market share. [GRAPHICS OMITTED] According to Hitwise, over the past 12 months, the Hitwise Banks & Financial Institutions category increased from 190...

Commercial banks pose big threat to investment banks. (News).
May 30, 2003... LARGE COMMERCIAL BANKS WILL likely pose a growing threat to big investment banks, although the latter can survive with strong management and close attention to asset quality, Standard & Poor's says. The credit rating agency appeared to hew...

Environmental branding motivates staff. (News).
May 30, 2003... PEOPLE, CHANGE MANAGEMENT and culture are all buzz words within the finance and banking sector. The retail banking and finance community is a forerunner in utilising retail channels to promote their brand to their customer base. ...

ANZ acts to improve finance literacy skills. (News).(Brief Article)
May 30, 2003... THE CHAIRMAN OF THE AUSTRalian Securities and Investments Commission (ASIC) David Knott has called for action on the country's financial literacy problems. His comments follow the release of ANZ's survey into financial literacy levels,...

Samuel challenges investment houses. (Awards 2003).(Graeme Samuel)
May 30, 2003... THE PRESIDENT OF THE NATIONAL Competition Council and soon-to-be chairman of the ACCC Graeme Samuel has directed the debate over corporate governance to the role of the investment community. Addressing our top bankers at the Australian...

Beattie supports science. (Awards 2003).(Peter Beattie)(Brief Article)
May 30, 2003... THE QUEENSLAND PREMIER Peter Beattie has called on the finance industry to support domestic knowledge--based industries. Beattie, keen to establish Queensland as our "smart state", said biotechnology and sciences represented the "future...

Banking and finance industry celebrate 2003 Awards. (Awards 2003).
May 30, 2003... More than 500 members of the banking and finance community gathered in Sydney on May 20 to celebrate industry excellence at the 13th annual Australian Banking & Finance newsmagazine Awards. St George CEO Gail Kelly carried off the major two...

Leading edge marketers will win the war. (Special Feature--Credit Cards/Smart Cards).
May 30, 2003... THE QUIET REVOLUTION IN THE credit card business is starting to become open warfare as the market share of major banks comes under attack. Behind the upsurge are new laws initiated by the Reserve Bank of Australia [RBA] and due to come...

Internet payment gateways: enabling merchants to handle e-commerce transactions. (Advertorial).
May 30, 2003... Internet shopping is good news for banks and other payment card acquirers, as both buyers and merchants rely more on payment cards than any other form of payment for completing online transactions. However, the cost of installing, supporting,...

Checklist for EMV migration. (Special Feature--Credit Cards/Smart Cards).
May 30, 2003... THERE ARE MANY CRITICAL factors that need to be addressed before a financial institution enters the new world of EMV chip-based smart cards. For banks, the EMV world is unlike the current magnetic stripe card environment because the...

Q: how is the Australian market progressing with EMV migration? (Viewpoint: four respected industry figures have their say).(Panel Discussion)
May 30, 2003... Vipin Kalra, head of chip cards for Australia & New Zealand, Visa "Credit card fraud in Australia has been increasing by 100% year on year and Australia is becoming the second highest fraud market in the AP region. Four out of five major...

The new credit card era. (Special Feature--Credit Cards/Smart Cards).(Brief Article)
May 30, 2003... AS REPORTED IN THE "REAR Window" section of the AFR (13/5/2003), Richard Branson, at the launch of his new credit card stated, "what are the RBA reforms?" Pending the proposed Reserve Bank/Visa/MasterCard court action, the new market...

Credit Card Sentinel celebrates 20 years. (Special Feature--Credit Cards/Smart Cards).
May 30, 2003... CREDIT CARD SENTINEL CELEBRATED 20 years of service in March 2003 by formally launching its dedicated corporate membership program designed to minimise risk and inconvenience for companies. Credit Card Sentinel Corporate Membership enables...

ABA welcomes superannuation reform. (News).(Australian Bankers' Association)
May 30, 2003... THE AUSTRALIAN BANKERS' Association (ABA) has welcomed the Federal Government's reinvigoration of superannuation reform and the commitment to give Australian workers the ability to consolidate superannuation accounts and decide who manages...

Compliance, risk jobs in high demand, survey. (News).
May 30, 2003... DESPITE A NUMBER OF RESTRUCTURES and consolidations in the commerce industry, salaries remained steady over the last year, according to a survey by recruitment consultancy Robert Waiters. Jonathan Harris, manager of Robert Walters' commerce...

At the awards. (behind the screens).
May 30, 2003... ST GEORGE BANK SUPREMO GAIL Kelly won over the audience the moment she graced the stage to accept her award as Best Financial Services Executive at our annual awards ceremony on May 20. Kelly, wearing her favourite pink suit, was clearly...