Australian Banking & Finance articles from October 2004

Australian Banking & Finance archives from October 2004

Banking system resilient.(Brief Article)
October 18, 2004... AUSTRALIA AND NEW Zealand's banking systems would be resilient to a moderate economic or bank industry downturn, says Standard & Poor's. This was despite some red flags pointing to potential future stress, including high private sector...

Speed more important than innovation: Suncorp chief.
October 18, 2004... THERE IS VERY LITTLE INNOVATION in the Australian financial services market, says the chief executive of Suncorp Metway John Mulcahy. "The best way to innovate as far as products go is to plagia-rise," Mulcahy said in a refreshingly frank...

Domestic banks urged to target Asia.
October 18, 2004... THE GROWTH OF AUSTRALIA'S financial services sector over the next 15 years is forecast to be outperformed by the rest of the Asia-Pacific region, according to John Drzik, president of Mercer Oliver Wyman, a leading global financial, services...

Macquarie offers mortgage deals.(Current Account)
October 18, 2004... MACQUARIE WEALTH MANAGEMENT has launched a new range of services, offering clients access to some of the best mortgage and insurance deals in the country. Macquarie has appointed both a mortgage and insurance broker to provide its clients...

Banking world.(Current Account)(Brief Article)
October 18, 2004... Retailer Coles Myer will consider linking up with a bank to offer wealth management products. "But I think whether or not we can add value to those services is quite a different question to do we want to be a bank," CEO John Fletcher said....

Platinum boost for MasterCard.(Current Account)(Brief Article)
October 18, 2004... MASTERCARD International has reported a 50 per cent increase in the number of MasterCard Platinum cards in Asia/ Pacific in the first six months of 2004. The program has seen strong growth since MasterCard introduced its first Platinum...

Bluestone trebles earnings; specialist lender, the Bluestone Group, has lifted its pre-tax profits 370% to $14.3 million in the 2003/04 financial year.(Current Account)
October 18, 2004... The strong increase in earnings was supported by new lending of $813 million, almost double the $446 million lent a year earlier. This lifted Bluestone's total loan book to over $1.2 billion. Net assets increased 78% to $15.8 million....

On the record.(Current Account)(Brief Article)
October 18, 2004... "QBE has and will continue to look at various opportunities to increase shareholder value. This includes receiving, from time to time, unsolicited presentations from investment banks on acquisitions and mergers with other Australian and...

Aussie to open 10 retail stores.(News)
October 18, 2004... JOHN SYMOND'S AUSSIE HOME loans has moved into the retail market with the launch of its first retail store at Centro Bankstown, in Sydney's south-west. The stores offer a complete home finance advisory service, a huge selection of...

Mortgage brokers required to disclose soft commissions.(News)(Mortgage Industry Association of Australia)
October 18, 2004... MORTGAGE BROKERS WHO ARE members of the Mortgage Industry Association of Australia (MIAA), like politicians, soon will be required to disclose to consumers any non-monetary benefits they receive, such as gifts, tickets to sporting events or...

Connect's optical archive.(News)(Brief Article)
October 18, 2004... SETTING THE ARCHIVING STANDARD for other financial institutions, Tasmania's Connect Credit Union has installed the first UDO (Blue-Laser) optical archive in Australia to store and retain its critical, financial records. Designed and...

R&D spending in finance rises.(facts & figures)(Brief Article)
October 18, 2004... BUSINESS EXPENDITURE ON research and development (R&D) in the finance and insurance industry rose 6% between 2001-02 and 2002-03. Across all sectors, spending on R&D rose by 4%. With the effect of changes in prices, wages and salaries...

John Dawson.(Whatever happened to?)(Brief Article)
October 18, 2004... Australian Banking & Finance newsmagazine recently spotted a photograph of former top banker John Dawson in London cutting a cake surrounded by British Grenadier Guards. He was performing one of his many official duties as Commissioner and...

Bartlett to head up Bank of America.(News)
October 18, 2004... BANK OF AMERICA HAS APPOINTED former ANZ executive Paul. Bartlett as managing director and country executive officer for Australia. In his previous role as director of client coverage at ANZ Bank in Sydney, Bartlett was Asia head of...

Wizard acts to tackle affordability; house prices in Australia's major cities have never been more expensive and saving for a deposit almost impossible.(News)(Mobius Financial Services)
October 18, 2004... A revolutionary new product will help first time buyers beat the deposit barrier and get finance sooner in return for sharing the equity in their home with a tender. The new product developed by Mobius Financial Services, a company jointly...

AMP launches online account.(News)(Brief Article)
October 18, 2004... AMP BANKING HAS ANNOUNCED the launch of a new high interest online banking account designed especially for businesses. Following on from the success of the AMP eASYSAVER Account, AMP Banking has launched Business eASYSAVER, giving business...

Customers prefer their local branch; banks and financial institutions in Australia and overseas are refocusing on branch banking--and with good reason.(News)
October 18, 2004... A Market Pulse survey conducted by consultants IBT shows that although the internet and new technology make it easy and convenient for consumers to conduct their banking without ever visiting their financial institution, they continue to...

Prince keeps Citigroup out of the headlines.(News)(Charles Prince)
October 18, 2004... WHEN SANDY WEILL PASSED THE reins of Citigroup Inc to Charles Prince, he provoked howls of laughter when he warned that his longtime lieutenant "better not screw up." He hasn't, but shareholders might wish things were better at the world's...

Business continuity more than in-house preparation.(News)
October 18, 2004... WORMS, VIRUSES, BLACKOUTS, tires, floods and earthquakes are dramatic, disruptive and sometimes crippling events that can strike at any time. No matter how short lived and no matter what form they take, these disruptions can cause massive...

Complexity and the IT organisation: organisations are designed around processes.(News)
October 18, 2004... The first wave of Information Technology implementations delivered raw processing capabilities. The second wave concentrated on providing a usable human interface. The third wave added system to system interfaces [such as e-commerce). And...

MasterCard, Visa lose card appeal; the US Supreme Court has rejected appeals by Visa and MasterCard of a ruling that the two credit card associations violated antitrust law by barring banks from issuing credit cards for rival networks.(News)(MasterCard International Inc., Visa U.S.A. Inc.)
October 18, 2004... The top court's action, issued without comment, is expected to benefit issuers such as MBNA Corp, as well as American Express, which has been aggressive in courting bank partners. Morgan Stanley's Discover unit, which has been working to...

Close that sale, but with feeling.(News)(Brief Article)
October 18, 2004... FINANCIAL INSTITUTIONS TAKE note--Australia's better performing sales representatives have one thing in common--emotional intelligence. The ability to understand and manage their own emotions and those of customers strongly correlates to...

Sarbanes-Oxley presents big problems for insurers.(News)
October 18, 2004... INSURERS ARE FACING A STEEP learning curve--with plenty of deficiency reports--as they test their compliance systems for the Sarbanes-Oxley Act. At KPMG's Insurance Conference in New York, industry professionals said that a key to ensuring...

Suncorp Metway CEO talks up unique model.(John Mulcahy Lecture--Pictorial)(Brief Article)
October 18, 2004... The chief executive of Suncorp Metway John Mulcahy attracted a big audience at a lecture presented by Australian Banking & Finance newsmagazine in Sydney on September 29. He outlined the advantages of the group's unique financial services...

2004 Features list.(Calendar)
October 18, 2004... Issue Cover Date Booking Deadline Material Deadline 1 30 January^ 19 January 20 January 2 13 February 3 February 4 February 3 27 February 17 February 18 February 4 15 March ...

Behind the screens.(News)
October 18, 2004... David Clarke's decision to leave the Westpac fold early next year immediately sparked rumours of a clash with CEO David Morgan. Screens can report that the highly-regarded chief executive of the Westpac-controlled BT Financial Group did not...

Capital gains.(Brief Article)
October 18, 2004... "The mortgage payments on our new hideout should be somewhat alleviated by our upcoming schedule of bank robberies." [ILLUSTRATION OMITTED]

Consumer spending surge.(News)(Brief Article)
October 18, 2004... AUSTRALIAN CONSUMERS SPENT $17 billion during the month of September. According to Greg Monaghan, chief operating officer for Cashcard Australia "the Cashcard Retail Activity Index for September has shown that Australian consumers continue...

Banks reassess outsourcing.
October 31, 2004... The Australian financial services industry is now debating the benefits of IT outsourcing with news of JPMorgan Chase's early termination of its seven-year, $5 billion IT outsourcing contract with IBM and UBS Warburg's decision not to renew the...

On the record.(Current Account)(Brief Article)
October 31, 2004... "Successive record profits and growth well above the banking system highlights the people-power of our business banking and branch distribution model and the rewards from doing the simple things right, like focusing on customers and service."...

Chinese consumers warm to credit.(another view)
October 31, 2004... WITH THE RAPID DEVELOPMENT of China's financial industry and gradual acceptance of consumer credit, the status of various types of bank cards in people's social lives has been gradually elevated, according to China Daily. Horizon Research...

AMP launches online loan processing tool.(Current Account)(Brief Article)
October 31, 2004... AMP BANKING HAS LAUNCHED ApplyOnline, a new straight through, online home loan processing tool for mortgage brokers and financial planners. ApplyOnline enables brokers and planners to submit a home loan application in as little as 15...

Banking world.(Current Account)
October 31, 2004... [ILLUSTRATION OMITTED] Caption: Daniel Bayly, left, former head of investment banking at Merrill Lynch, arrives with a group of attorneys led by Thomas A, Hagemann, centre, and Richard J. Schaeffer, right, at Federal Court in Houston,...

Lift your marketing efforts.(News)
October 31, 2004... BANKS ARE REALISING THAT THEIR options to grow through acquisitions are diminishing and they must become more successful at deepening relationships to drive organic growth. Reflecting this, the marketing department's of banks are...

Our forex market continues to grow.(News)(Brief Article)
October 31, 2004... AUSTRALIA'S FOREIGN EXCHANGE (FX) market continues to surge, according to the latest report from the Bank for International Settlements (BIS), reflecting the trend for global entities to relocate their regional FX business to Australia. ...

Award categories increased.(News)
October 31, 2004... NOMINATIONS ARE BEING invited for the 15th annual 2005 Australian Banking & Finance newsmagazine Awards. Optus is again sponsoring the premier event on the financial services industry calendar and next year we have added two new...

Cisco signs on for new lectures.(News)(Brief Article)
October 31, 2004... CISCO SYSTEMS HAS TEAMED up with Australian Banking & Finance newsmagazine to present our annual Lecture Series in 2004-05. The series will feature four of the top executives in the financial services industry. Details will be provided...

Households continue to move online.(facts & figures)(Brief Article)
October 31, 2004... THE NUMBER OF AUSTRALIAN households with access to the internet continues to increase with over half (53%) of households having access in 2003, according to the Australian Bureau of Statistics (ABS). This has increased from 46% of...

Capital Finance a top performer.(News)(Capital Finance Australia)
October 31, 2004... CAPITAL FINANCE AUSTRALIA says it has become one of the top performing finance companies in Australia in just eight years, based on a KPMG analysis of Australia's finance company sector. The company's return on equity was the best of the...

NZ Reserve Bank Governor doesn't want single regulator.(News)(New Zealand)(Brief Article)
October 31, 2004... NEW ZEALAND RESERVE BANK Governor Alan Bollard doesn't favor a single regulator to supervise banks in Australia and New Zealand, saying that may lead to conflict between the interests of both nations. Last month, Finance Minister Michael...

Significant work ahead with IFRS.(News)(International Financial Reporting Standards)
October 31, 2004... WITH ONLY THREE MONTHS TO go until International Financial Reporting Standards (IFRS) will be required, how ready are Australian companies? According to a national PricewaterhouseCoopers survey of primarily Australian listed companies,...

Deal to enhance customer communications: financial institutions stand to benefit from an alliance agreement between Unisys and content and document automation company Thunderhead.(News)(Unisys Asia Pacific)
October 31, 2004... The agreement will see both companies work with financial institutions to develop highly personalised customer communications, delivered in the medium of the customer's choice. This arrangement will assist finance companies to address the...

Bank Qld reaps rewards from "getting bank to the people".(News)(Bank of Queensland's sales and earnings)
October 31, 2004... BANK OF QUEENSLAND HAS reported a solid 44 per cent rise in profit for the 2004 financial year, based on strong growth in both tending and deposits, the power of its expanding branch network and further diversification of the business. The...

Whatever happened to David Airey.(News)(Brief Article)
October 31, 2004... DAVID AIREY HAS BEEN WORKing as a part-time consultant in Melbourne with a former principal of McIntosh Stockbroking for the past few years. Prior to this he was managing director of Tasmania's Trust Bank for a short time in 1999. His...

Faces of banking & finance 2004.(News)(Brief Article)
October 31, 2004... DEREK SYME HAS BEEN appointed head of Citigroup's Global Transaction Services for Australia and New Zealand. He was previously head of Relationship Management and Sates for GTS in Australia and replaces Nigel Dobson who was recently...

Heritage revamps product suite: a new home loan that stamps out fees and is described by independent financial services group CANNEX as the only variable loan of its type leads a revamped suite of products launched by Heritage Building Society.(News)(Brief Article)
October 31, 2004... Heritage is meeting a softer housing market head-on with new products: the Premium Variable, Basic Variable and Professional Package all of which offer maximum savings and flexibility. The new Loans have impressed CANNEX which described...

Warning system for online attacks.(News)(Corillian Fraud Detection System)(Brief Article)
October 31, 2004... FINANCIAL INSTITUTIONS ARE being offered access to an early warning system for online attacks on their networks. Corillian Corp has launched the Corillian Fraud Detection System in Australia, a web log analysis solution and methodology...

Optimising the value of outsourcing.(News)
October 31, 2004... OUTSOURCING IS A PATH MANY financial institutions have taken to cut costs and increase productivity. Today more organisations are looking at selective outsourcing and how outsourcing fits within the broader business transformation of their...

National cultivates portal technology.(News)(National Australia Bank Ltd.)
October 31, 2004... AN AFRICAN PROVERB SAYS: "knowledge is like a garden, if it is not cultivated it cannot be harvested". This speaks volumes to the bumper crop of knowledge the National. Australia Bank (NAB) has reaped since it connected more than 25,000...

Allstate Corp, the no 2 US home and auto insurer, has warned its third-quarter profits.(Australian Insurer)(Brief Article)
October 31, 2004... ALLSTATE CORP, THE NO 2 US home and auto insurer, has warned its third-quarter profits would fall well short of expectations due to more than $1 billion in hurricane-related payouts. The Northbrook, Illinois-based insurer said it now...

Small business underinsured.(Australian Insurer)(Brief Article)
October 31, 2004... THERE IS A FALSE SENSE OF security among sole traders and smart business owners who believe they are adequately covered against toss of income due to sickness or accident, according to a Combined Insurance survey. With record numbers of...

Vero upgrades Website.(Australian Insurer)(Vero Insurance)(Brief Article)
October 31, 2004... INSURANCE BROKERS WILL FIND the process of setting insurance products from one of Australia's leading intermediated insurers, Vero Insurance, easier and more efficient. Development of the new-look www.vero.com.au, which went live last...

Insurance spending on IT to grow slowly.(Australian Insurer)
October 31, 2004... TOTAL INSURANCE IT SPENDING devoted to e-business is about US$1.6 billion today and will grow cautiously at about five per cent per year over the next two years. A new report by Celent Communications, Top 10 Trends in P/C Insurance...

Solution to minimise business disruption.(Professional Opportunities)
October 31, 2004... IBM AND CISCO SYSTEMS HAVE announced integrated solutions designed to reduce the damage and disruption that viruses, worms and other security vulnerabilities can cause to networks and minimise the impact they have on day-to-day business...

Behind the screens.(News)(Orix Australia appoints new executive)(GE Money to acquire Wizard Home Loans Group)
October 31, 2004... National Australia Bank chairman Graeme Kraehe appeared less than enthused about a photo shoot to celebrate the official opening of the bank's new headquarters at Melbourne's Docklands. Standing next to CEO John Stewart, who we might add didn't...

Capital gains.(News)
October 31, 2004... "I give you the seven-billion-dollar pup, then you give me back the seven-billion-dollar pup, and we've each made seven billion dollars." [ILLUSTRATION OMITTED]

Does customer service matter?(News)
October 31, 2004... I WAS INTERESTED TO LEARN recently that a number of European banks had raised the challenging question; "does customer satisfaction really matter?" Their perspective was that for decades the banking industry had grown, both in size and...