Australian Banking & Finance articles from October 2008

Australian Banking & Finance archives from October 2008

Breathing life into the mortgage market: the federal government has taken a step to resuscitate competition in the Australian non-bank lending sector.(NEWS)
October 15, 2008... [ILLUSTRATION OMITTED] The non-bank lending sector has welcomed Federal Treasurer Wayne Swan's announcement of a $4 billion initiative to purchase Australian residential mortgage-backed securities (RMBS). The Australian Office of...

Bettering the broker path: the move by National Australia Bank to require brokers to lodge all mortgage applications electronically next year is keenly awaited given what the bank, and the industry, has experienced so far.(NEWS)
October 15, 2008... [ILLUSTRATION OMITTED] National Australia Bank's head of broker sales John Flavell says its online application service to brokers had" exceeded expectations" despite only being launched in December. "It has met if not exceeded...

ANZ dreams of being a 'super regional bank'.(NEWS)
October 15, 2008... ANZ has overhauled its business model and organisation structure in the hope of becoming "a super regional bank". The new business model will see the bank organised around its three geographic regions--Australia, New Zealand and Asia...

Fenna: LIXI provides the "competitive opportunity".(NEWS)(LIXI chief executive Erik Fennas view about the standards in the lending industry)
October 15, 2008... LIXI chief executive Erik Fenna said standards provided a "competitive opportunity" for participants within the lending industry. "LIXI standards are not a way of gaining a competitive advantage and implementing them definitely does not...

Adoption of LIXI standards could lead to savings for lending industry.(NEWS)
October 15, 2008... The adoption of LIXI standards by the lending industry could save the sector more than $100 million, according to new research. Andrew Inwood, managing director of financial services market research company brandmanagement, delivered the...

Striving for consistency: aiming for a consistent approach across all channels is what banks have in mind when developing their online platforms.(SPECIAL FEATURE--ONLINE BANKING PLATFORMS)
October 15, 2008... [ILLUSTRATION OMITTED] Despite living in a time of technological advancement, for banks the trend is to combine the new with the old. According to Michael Wesbury, vice president, technology services at consulting, technology, and...

Welcome to our neighbourhood.(SPECIAL FEATURE--ONLINE BANKING PLATFORMS)
October 15, 2008... Last month Scottrade, a US-based online investment firm, launched an online social networking community for its customers. The network allows customers to communicate with each other via a password-protected website, including directly...

'We still have some way to go'.(SPECIAL FEATURE--ONLINE BANKING PLATFORMS)(Bob Hennessys view on banks and financial institutions)(Brief article)
October 15, 2008... Bob Hennessy, Managing Director, Financial Services at management and technology consultants BearingPoint, believes the Australian banks and financial institutions have talked the talk but not walked the walk in relation to online capabilities....

HBOS Australia welcomes Lloyds.(NEWS)(Brief article)
October 15, 2008... HBOS Australia, which includes Perth-based BankWest, has welcomed the takeover of its British parent by Lloyds TSB. "Lloyds TSB credit rating and capital strength will enhance the position of HBOS Australia, including BankWest," HBOS...

Unisys, SAS make key sales appointments.(NEWS)
October 15, 2008... Unisys has appointed Paul Allen as sales manager, Australia and New Zealand, Financial Services. Allen will lead Unisys Global Financial Services team in Australia and New Zealand which provides industry-specific services and technology...

Banks facing "negative pressures".(NEWS)
October 15, 2008... Profits of Australian banks will face a number of "negative pressures" next year, according to rating agency Fitch Raitings. "Loan growth is slowing, impaired assets have risen and wholesale funding costs remain at elevated levels--these...

Behind the scenes of branch transformations: 'back to basics' has been the cry in recent times of those in the banking sector when it comes to branch banking, with many realising the value of face-to-face banking interactions. Australian Banking & Finance Magazine gauges the views of some of the businesses involved in creating a 'unique customer experience'.(SPECIAL FEATURE--BRANCH BANKING)
October 15, 2008... [ILLUSTRATION OMITTED] Despite the volatility of the current financial markets and its effect on British bank HBOS, BankWest is pushing ahead with the rollout of about 160 new retail stores in WA, NSW, Victoria, Queensland and South...

Self service the way forward? Australians can bank on it.(An industry perspective)
October 15, 2008... In a world where everyone appears to be in a hurry, it's no surprise that time-challenged people have changed the way they bank. Before technology altered the way we conduct our everyday business, we would wait in line to speak to a teller. Now...

A window of opportunity: the current spate of consolidation activity happening within the financial services sector is providing plenty of opportunities for technology service providers.(NEWS)
October 15, 2008... Speaking exclusively to Australian Banking & Finance Magazine while in Australia last month, S. Premkumar, global head financial services at HCL Technologies, said the Australian banking sector could be described as "very interesting right...

St. George agrees to Westpac offer.(NEWS)(St. George Bank Ltd.)(Westpac Banking Corp.)
October 15, 2008... St. George has agreed to a revised merger proposal from its bigger rival Westpac, in the process receiving a higher dividend. In a joint statement, the two groups said that while there has been no change to the offer by Westpac of 1.31 of...

NAB appoints new CRO.(NEWS)
October 15, 2008... National Australia Bank Group has announced the appointment of Bruce Munro to the role of group chief risk officer. "Bruce, who is currently chief executive officer of nabAsia based in Hong Kong, has an excellent record of achievement as a...

Telstra named as sponsor of 2008 Australian Banking and Finance Insurance Awards.(NEWS)
October 15, 2008... Australian Banking & Finance Magazine is pleased to announce Telstra, Australia's leading telecommunications and information services company, as the premier sponsor of this year's Insurance Awards. The sixth annual Insurance Awards, to be...

S&P Fund awards.(EVENT--PICTORIAL)
October 15, 2008... Standard & Poor's Fund Awards, held last month, are recognised as the pre-eminent accolade in the funds management industry. The awards, in their 5th year in Australia, acknowledge leading fund managers in overall and sector categories....

More millionaires in Asia Pacific region.(NEWS)
October 15, 2008... Asia Pacific dominated the ranks of the world's fastest growing markets for high net worth individuals (HNWD, with a combined wealth of US$9.5 trillion. This 12.5 per cent increase on the previous year was driven by economic growth and...

BankWest & Allianz Finance join forces.(NEWS)(Brief article)
October 15, 2008... BankWest has entered into a referral relationship with Allianz Finance to provide debtor finance products to its customers. Under the agreement, BankWest will refer all new debtor finance customers to Allianz Finance while existing debtor...

Insurance roundtable on driving efficiencies.(EVENT--PICTORIAL)
October 15, 2008... Leading insurance executives attended an insurance roundtable on driving efficiencies in Melbourne recently. With opening remarks provided by Michael Rogers, AXA Australia General Manager of Financial Protection, discussion centered around...

2009 current events schedule.(NEWS)(Calendar)
October 15, 2008... Australian Financial Publications, publisher of Australian Banking & Finance Magazine, has some exciting industry events planned for 2009. Covering retail banking and finance, wholesale financial markets, securitisation, debt capital markets,...

Rating the business banks.(NEWS)
October 15, 2008... National Australia Bank has recorded the top overall satisfaction rating of the five major Australian banks in the latest edition of East & Partners' business banking customer satisfaction monitor. For the first time, NAB achieved the top...

Financial Centre Forum established.(NEWS)
October 15, 2008... The Federal Government has announced the establishment of a Financial Centre Forum. Mark Johnson, retired deputy chairman of Macquarie Bank, will chair the forum. "I am very pleased that Mr Johnson is participating in this important...

NAB takes accounting hit.(NEWS)
October 15, 2008... National Australia Bank says it will face a $100 million drop in fiscal 2008 cash earnings after a review of its portfolio of synthetic CDOs (SCDOs). In order to mitigate risks associated with the $1.6 billion portfolio, the bank has...

After the deluge--a renewed wave of discipline.(NEWS)
October 15, 2008... KPMG has recently launched its 22nd General Insurance Industry Survey. Performance overview The six months to December 2007 were characterised by severe weather events, a downturn in investment markets following the sub-prime crisis...

Australia's banks have demonstrated their soundness during the recent global financial turmoil, but some vulnerabilities remain, according to the International Monetary Fund (IMF) in a regular national assessment.(BEHIND THE SCREENS)
October 15, 2008... Australia's banks have demonstrated their soundness during the recent global financial turmoil, but some vulnerabilities remain, according to the International Monetary Fund (IMF) in a regular national assessment. The IMF noted that although...

In an investment briefing titled "The Dukes of Moral Hazard", MLC investment strategist Brian Parker doesn't leave any doubts as to who he thinks is to blame for the current crisis on Wall Street.(BEHIND THE SCREENS)
October 15, 2008... In an investment briefing titled "The Dukes of Moral Hazard", MLC investment strategist Brian Parker doesn't leave any doubts as to who he thinks is to blame for the current crisis on Wall Street. "We have long argued that the root cause of the...

Unisys has appointed David Barnes as managing director, Australia and New Zealand.(BEHIND THE SCREENS)(Brief article)
October 15, 2008... Unisys has appointed David Barnes as managing director, Australia and New Zealand. In this role, Barnes will have responsibility for the operations, customer satisfaction and overall financial performance of the Australian and New Zealand...

The Allianz Group is heralding its green credentials after being commended for its approach to climate change disclosure by the Carbon Disclosure Project (CDP).(BEHIND THE SCREENS)
October 15, 2008... The Allianz Group is heralding its green credentials after being commended for its approach to climate change disclosure by the Carbon Disclosure Project (CDP). "Allianz is honoured to be included in the CDP's Carbon Disclosure Leadership Index...

In a recent research note on the sub-prime crisis, East & Partners discussed the current status of the crisis, asking if we were at "the end, the beginning, or the end of the beginning".(BEHIND THE SCREENS)
October 15, 2008... In a recent research note on the sub-prime crisis, East & Partners discussed the current status of the crisis, asking if we were at "the end, the beginning, or the end of the beginning". After concluding the topic was a source of rich debate,...

World economy a balancing act.(NEWS)
October 15, 2008... Recent departures of capital away from the US may be cause for global worry. Even with the income received from its vast offshore investments, the US current account deficit is greater than the collective current account surpluses of Japan,...