Australian Banking & Finance articles from October 2006

Australian Banking & Finance archives from October 2006

Get ready for AML: the Anti-Money Laundering and Counter-Terrorism Financing Bill has been introduced into parliament and will be enacted by early 2007. To examine the issues that will affect Australian financial institutions, Australian Banking & Finance magazine recently hosted an Anti-Money Laundering Conference which brought together leading Australian and international experts in the field.
October 15, 2006... PRESENTERS AT AUSTRALIAN Banking & Finance magazine's Anti-Money Laundering Conference included Neil Jensen (director of the Australian Transaction Reports and Analysis Centre), Michael Harte (group executive, technology services, Commonwealth...

Report positions Australia as global financial services centre: a strong economy, liquid markets, a smiled workforce, advanced infrastructure, a stable political environment and a high quality of life are Australia' primary competitive advantages in financial services.(NEWS)
October 15, 2006... That is the conclusion to be drawn from Australia: A Global Financial Services Centre Benchmark Report August 2006, which was published recently by Axiss Australia. The report argues that Australia's economy ranks among the 20 largest in...

NAB to offer micro-enterprise funding: National Australia Bank plans to establish an affordable small loans program for financially disadvantaged micro-enterprises.(NEWS)
October 15, 2006... A pro bono study conducted by the Boston Consulting Group, Establishing a Microenterprise Development and Loans Program in Australia, estimates that between 6,000 and 12,000 potential new micro-businesses require funding each year. They are,...

ING has a need for speed.(NEWS)(ING Australia's naming right for Australian Grand Prix)(Brief article)
October 15, 2006... ING AUSTRALIA WILL BE NAMING rights sponsor of the Australian Grand Prix for three years from 2007. The partnership teams ING with one of Australia's premier international sporting events. ING Australia chief executive, Paul Bedbrook, said,...

Macquarie announces 51 percent interim profit increase: Macquarie Bank recently announced a $A730 million profit after tax attributable to ordinary shareholders for the half year ended 30 September 2006, an increase of 51 percent over the $A482 million profit for the half year ended 30 September 2005.(NEWS)
October 15, 2006... Excluding the realisation of the Bank's holding in the Macquarie Goodman Group (MGQ), the result was a 32% increase on the prior corresponding period, highlighting the strong growth in underlying earnings. Earnings per share for the six...

Reverse mortgage market doubles in size.(NEWS)(Brief article)
October 15, 2006... A RECENT COMPREHENSIVE STUDY HAS FOUND THAT THE SIZE OF THE reverse mortgage market in Australia has more than doubled in just 18 months, from an outstanding loan book of $495 million at the end of 2004 to $1.1 billion at 30 June 2006....

ANZ on brink of further China stake.(NEWS)(Australia and New Zealand Banking Group Ltd.)(Shanghai Rural Bank)(Brief article)
October 15, 2006... ANZ is set to expand its footprint in China by taking a 19.9 percent stake in Shanghai Rural Bank, according to reports. ANZ already owns a similar stake in Tianjin City Commercial Bank, for which it paid US$120 million last December. Shanghai...

Suncorp set to buy Promina for A$7.9 bn: Suncorp-Metway has formalised the deal with Promina and is set to pay A$7.9 billion for the insurance group, providing regulators give the arrangement the green light.(NEWS)(Suncorp Insurance and Finance)(Brief article)
October 15, 2006... Suncorp said both boards had unanimously agreed on the deal and had entered into a Merger Implementation Agreement. The combined entity will create a A$20 billion diversified financial services company, Australia's tenth largest ASX 100...

Skinner new head of Trade at HSBC: HSBC has appointed Andrew Skinner as head of Trade Services in Australia, replacing Mark Evans who has taken up a new role with the bank in Hong Kong.(NEWS)
October 15, 2006... Skinner joined HSBC in 2002 as corporate relationship manager and has more than 17 years experience working for Westpac, St George Bank and State Street. HSBC acquired State Street's trade banking business. HSBC head of Commercial Banking,...

Australian ATM company expands into China: Australian electronic payments system company, Customers Limited, has established a joint venture to develop ATM and related services throughout Asia, with initial operations in China.(NEWS)
October 15, 2006... The new company, Customers Asia Limited, has been formed with investment firm FCP Brencorp Limited, and will focus on establishing a substantial foothold in the China market, where there are currently an estimated 80,000 ATMs, a number that is...

The front line in anti-money laundering.(ANTI-MONEY LAUNDERING CONFERENCE: WRAP UP)
October 15, 2006... Sydney's financial services, risk management and IT professionals turned out to see Australian and international experts in anti-money laundering and counter-terrorism financing at Australian Banking & Finance magazine's Anti-Money Laundering...

Developments in structured credits.(NEWS)
October 15, 2006... THE WORLD OF STRUCTURED CREDITS IS CONSTANTLY EVOLVING. It's been described as a market that challenges accepted wisdoms: where illiquid can be good, irregular is almost preferred, and a lug understanding--particularly of correlations--is...

On the record.(NEWS)(New Scotland Yard's former head of economic crime-Commander David Johnston at Anti-Money Laundering Conference)(Conference news)
October 15, 2006... "Make no mistake about this, the government is asking financial institutions to swear allegiance to Australia and to act as 'sheriff deputy'--to henceforward undertake to do police work on behalf of the Australian Government." New Scotland...