Australian Banking & Finance back issues from September 2008:
Banks urged to pick up the pace: while brokers and aggregators have warmly embraced the idea of adopting LIXI standards with the aim of becoming more efficient and being able to offer a higher-level of service to customers, there are views that major lending institutions are dragging the chain. Australian Banking & Finance Magazine gauges the views of those in the broker industry.(NEWS)
Sep 15, 2008; ... [ILLUSTRATION OMITTED] At a time when brokers are feeling the pinch due to, among other things, the increased cost of funding, the industry has realised that to claw back some of the market share it has lost it needs to adopt new techniques. As a result the broking ...
LIXI sets its gaze upon lenders.(NEWS)
Sep 15, 2008; ... LIXI's first full time chief executive Erik Fenna, who was appointed earlier this month, said there is are opportunities for the industry as it changes its e-commerce focus from a broker to a lender perspective. "The movement now is more towards downstream processing, ...
Porges warning to banks: karma will bite.(NEWS)
Sep 15, 2008; ... Stephen Porges, recently installed chief executive of Aussie Home Loans, said he understood why banks have taken a hard line to brokers recently. "They are obviously struggling," he said. "They are struggling for their own funding, they have to protect their own ...
Norris predicts gloom to continue.(NEWS)
Sep 15, 2008 ... Commonwealth Bank chief executive Ralph Norris has predicted the uncertainty surrounding the global markets to continue. He offered the forecast after revealing the bank had lifted its profit for the year ended June 30 by 7 per cent to $4.791 billion. "The headwinds ...
Starting to feel the pinch: while Queensland has experienced extraordinary growth in recent times the volatility and uncertainty is starting to make its presence felt in the Sunshine State.(SPECIAL FEATURE)
Sep 15, 2008; ... [ILLUSTRATION OMITTED] Despite the mining and resources boom hitting states like Queensland, the adverse credit conditions are having an impact on financial companies that would usually enjoy benefits of such times. "Mining and resources companies are demanding ...
Westpac-St. George get tick of approval.(SPECIAL FEATURE)(Brief article)
Sep 15, 2008 ... The Australian Competition and Consumer Commission (ACCC) has said it will not oppose the proposed union of Westpac and St.George. "The ACCC has concluded that the proposed acquisition of St George by Westpac is unlikely to substantially lessen competition ...," it said. ...
NAB partners with Oracle for IT overhaul.(SPECIAL FEATURE)
Sep 15, 2008 ... National Australia Bank (NAB) has selected Oracle for the first phase of its overhaul of its core banking systems. "Over the past three years a significant program of work has been underway to successfully turnaround the Australian business," NAB Australia chief executive ...
It's not about the here and now for funds industry: the funds management industry looks relatively unscathed when compared to the banking sector but it is not without injury from the global credit crunch.(SPECIAL FEATURE)
Sep 15, 2008; ... [ILLUSTRATION OMITTED] Suncorp recently announced its wealth management business's underlying profit of between $130 million and $135 million for 2007/08 compared to $150 million in 2006/07. AXA Asia Pacific announced a 13 per cent decrease in total group funds under ...
Cracks in the nest egg.(SPECIAL FEATURE)
Sep 15, 2008 ... The average balanced fund in Australian superannuation funds has retreated by more than five per cent in 2007/08 says Jason Slade, partner at PricewaterhouseCoopers. This is contrasted with super returns of more than 10 per cent annually over the past five years. ...
Centre stage: Australia as a financial services hub.(NEWS)
Sep 15, 2008; ... The federal government is making financial services a priority, working with the NSW government and industry to build Australia's capability as a financial services centre. The NSW and federal government hosted the Financial Services Hub Summit in Sydney on 31 July 2008 with ...
ASF working on pricing transparency solutions.(NEWS)
Sep 15, 2008 ... Work is underway on standardising residential mortgage-backed securities (RMBS) pool data for the securitisation market to increase pricing transparency within the industry. The project was raised at two evening series discussion events held by the Australian Securitisation ...
QBE to acquire PMI Australia.(NEWS)(QBE Insurance Group Ltd.)(PMI Mortgage Insurance Australia)
Sep 15, 2008; ... Australia's largest international general insurance and reinsurance group has announced that it will acquire PMI Mortgage Insurance in Australia and New Zealand (PMI Australia) and PMI Mortgage Insurance Asia. QBE Insurance Group (QBE) will pay a purchase price of approximately ...
Westpac expects cash earnings growth.(NEWS)
Sep 15, 2008 ... In a market update early this month, Westpac Banking Corporation said it was on target to achieve cash earnings growth of up to 8 per cent. Last year the bank posted a cash result of $3.5 billion. "Managing risk remains a priority for us and we are maintaining our ...
Light at the end of the tunnel for NZ: New Zealand's economy is currently slipping into recession but leading Westpac economist Brendan O'Donovan believes there are positive signs on the horizon.(NEWS)
Sep 15, 2008; ... [ILLUSTRATION OMITTED] According to Westpac New Zealand chief economist Brendan O'Donovan, the New Zealand economy has been hit with a quadruple whammy, causing its growth to come to a "screeching halt". "The economy has been hit simultaneously by four adverse ...
MasterCard farewell Clapham, welcome Grobler.(NEWS)
Sep 15, 2008 ... MasterCard Worldwide has announced a new head of its operations in Australasia following incumbent Leigh Clapham's imminent departure to Europe. Eddie Grobler will take up the position of executive vice president, Australasia, moving from the role of general manager for Africa ...
Core system renewal will trigger innovation.(CO-PUBLISHED)
Sep 15, 2008; ... Moves by two of Australia's big four banks to renew their core banking systems will open up opportunities for specialist financial services software and systems developers. The switch to new banking platforms will give the banks the ability to bring products and services to ...
Think global.(CO-PUBLISHED)
Sep 15, 2008 ... Technology companies supplying an industry like financial services must see themselves as global companies. The chief executive of financial software company FNS, Tony Ward, said FNS, which is now part of the Tata Consultancy Services, first developed its core banking system product for ...
Government renews its commitment.(CO-PUBLISHED)(Brief article)
Sep 15, 2008 ... The New South Wales Government has renewed its commitment to positioning Sydney as a regional centre for financial services. The Government will look at ways to incorporate a financial services precinct in the development of the new harbourside suburb of Barangaroo in east ...
Doing the smart stuff.(CO-PUBLISHED)(impact of data management services on financial services)
Sep 15, 2008 ... [ILLUSTRATION OMITTED] When large financial institutions install new investment platforms and core processing systems they discover that they have a big increase in the volume of data at their disposal. Smarter use of that data gives them a competitive advantage. ...
While researching our story on Queensland's financial services sector Screens was encountered with a lot of voicemails and "out of office" email replies when we went searching for people to talk to up north.(BEHIND THE SCREENS)
Sep 15, 2008; ... While researching our story on Queensland's financial services sector Screens was encountered with a lot of voicemails and "out of office" email replies when we went searching for people to talk to up north. A feeling of paranoia quickly took hold. Why ...
While the big boys like Commonwealth's Ralph Norris are a bit gloomy about the future, regional player Bendigo and Adelaide Bank is optimistic.(BEHIND THE SCREENS)
Sep 15, 2008; ... While the big boys like Commonwealth's Ralph Norris are a bit gloomy about the future, regional player Bendigo and Adelaide Bank is optimistic. In delivering a 40 per cent rise in full year 2008 profit to $170.5 million, managing director Rob Hunt said the bank was ...
The Australian Securitisation Forum's Sydney evening series discussion was lucky to hear from Cecilia Tarrant, who has recently been appointed chair of the European Securitisation Forum.(BEHIND THE SCREENS)
Sep 15, 2008; ... The Australian Securitisation Forum's Sydney evening series discussion was lucky to hear from Cecilia Tarrant, who has recently been appointed chair of the European Securitisation Forum. Tarrant had flown in from Europe in the morning. Despite the jetlag, she gave a short speech on ...
New Aussie Home Loans chief executive Stephen Porges will be racking up the frequent flyer points shortly as he prepares to pack his bags for a trip around the country to visit staff.(BEHIND THE SCREENS)
Sep 15, 2008; ... New Aussie Home Loans chief executive Stephen Porges will be racking up the frequent flyer points shortly as he prepares to pack his bags for a trip around ...
The appointments in Asia for our major financial services companies continue.(BEHIND THE SCREENS)(Brief article)
Sep 15, 2008; ... The appointments in Asia for our major financial services companies continue. This time it's ANZ. The bank has appointed Sean West as managing director, Wealth Asia, and Ross Foden as head of ...
Time to carefully consider economic capital models.(NEWS)
Sep 15, 2008; ... Internal economic capital models are continuously gaining in profile due to regulatory and business drivers. The head of KPMG's Insurance Group, Brian Greig, explores this increasingly important area. By their very nature economic capital models can exhibit highly complex and ...
It's a jungle out there: consolidation will not necessarily reduce competition in the banking sector, according to senior executives at Australia's biggest banks.(NEWS)
Sep 30, 2008; ... [ILLUSTRATION OMITTED] Stuart Grimshaw, Commonwealth Bank's group executive of premium business services, believes today's marketplace is filled with many players offering various services and products, and doesn't necessarily agree with talk that competition is drying up. ...
Symond: expect more deals to follow.(NEWS)(John Symond of Aussie Group of Companies Proprietary Ltd.)
Sep 30, 2008 ... [ILLUSTRATION OMITTED] Aussie founder John Symond has defended his company's arrangement with Commonwealth Bank, saying "we always do deals". The country's largest home loan lender will buy a 33 per cent stake in the mortgage broker. Speaking two days ...
Market conditions "one of the worst we've seen".(NEWS)(senior bank executives view on financial crises and its effect on banking sector)
Sep 30, 2008 ... Senior banking executives believe the market conditions which have led to the credit crisis and global funding crisis--which has induced a lot of the consolidation activity currently taking place--are the worst that they have seen. "There have been market dislocations before and ...
Mortgage Choice positive on housing.(NEWS)
Sep 30, 2008 ... Mortgage Choice managing director, Paul Lahiff, has forecasted a positive future for the housing market after the mortgage broker reported net profit after tax for the year to 30 June 2008 of $19.3 million, down 1.2 per cent on 2007. "The economic fundamentals are in place--a ...
St. George completes 40% of funding with $1 billion RMBS.(NEWS)
Sep 30, 2008 ... Australia's fifth largest bank announced the completion of 40 per cent of its estimated term wholesale funding requirements for 2009. St.George Bank has raised $4.6 billion of its estimated $11 billion to $12 billion requirements, with a $1.051 billion issue of residential ...
Stormy markets cloud Suncorp results.(NEWS)(Suncorp Insurance and Finance)(Financial report)
Sep 30, 2008 ... Suncorp has announced an annual after tax profit of $566 million in a year battered by volatile investment markets and adverse weather conditions. Chief executive John Mulcahy called this "an extremely good result" given the credit crisis, equity markets downturn and severe ...
Wilkins announces 'poor' result.(NEWS)(Insurance Australia Group Ltd.)(Financial report)(Brief article)
Sep 30, 2008 ... Insurance Australia Group chief executive Michael Wilkins has described as "poor" the company's $261 million loss for the year. "While we have been affected by the increased frequency of natural perils, widening credit spreads and soft cycles in key markets, we have ...
New appointments at BOQ, ANZ.(NEWS)
Sep 30, 2008 ... Bank of Queensland has appointed a new chairman following the retirement of incumbent, Nell Roberts. Nell Summerson replaces Roberts, who chaired the bank's board for 13 years. "After working with Mr Roberts on the board for the past 11 years, I'm honoured to be ...
AMP's Dunn sees volatile market ahead.(NEWS)(AMP chief executive officer, Craig Dunn)(Brief article)
Sep 30, 2008 ... [ILLUSTRATION OMITTED] AMP chief executive officer, Craig Dunn, believes market conditions are likely to remain "volatile" for the remainder of 2008. Dunn made the forecast after announcing a 2008 interim net profit of $366 million, down 22 per cent. The ...
BPO still on the menu: as economic clouds continue to assemble, banking and financial services companies' interest and activity in the business process outsourcing market is set to grow.(SPECIAL FEATURE)
Sep 30, 2008; ... According to Infosys' business process outsourcing specialist, Asheesh Mehra, independent research shows that the Australian BPO market is set to grow by more than 60 per cent by 2010 "The next 18 months is going to be big in BPO," Mehra said. "Australian companies ...
BPO to make room for KPO?(SPECIAL FEATURE)
Sep 30, 2008 ... According to KPMG, Knowledge Process Outsourcing (KPO) is a reality and is set to be worth US$5 billion in the global financial sector alone. KPO involves outsourcing more highly skilled processes than has previously been the case with other outsourcing methods, basing its ...
QBE to look for more acquisitions.(SPECIAL FEATURE)(Brief article)
Sep 30, 2008 ... QBE has said it would continue to look at acquisition opportunities after posting a seven per cent decline in first half profit to $859 million. "We have reached agreement on eight acquisitions this year to date which are expected to contribute net written premium income and ...
CBA opens its doors in Vietnam.(NEWS)(Commonwealth Bank of Australia)(Brief article)
Sep 30, 2008 ... The Commonwealth Bank has added to its presence in South East Asia with the opening of its first branch in Ho Chi Minh City, Vietnam. "With Australia home to one of the largest Vietnamese populations outside Vietnam itself--and more and more Australian's visiting Vietnam every ...
Institutional Financial Services Panel Discussion and Luncheon.(EVENT--PICTORIAL)
Sep 30, 2008 ... The Australian financial sector, competition, consolidation, and the state of the economy were some of the issues raised at Australian Banking & Finance Magazine's Institutional Financial Services Panel Discussion and Luncheon. Below are some pictures from the event. ...
New alternative fund services for HSBO.(NEWS)
Sep 30, 2008 ... [ILLUSTRATION OMITTED] HSBC has announced the establishment of alternative fund services operations in Australia. The new business will provide local fund accounting, investor servicing and financial reporting to hedge fund managers, fund of hedge fund managers, ...
Best Bankers Panel Discussion and Luncheon.(EVENT--PICTORIAL)(Discussion)
Sep 30, 2008 ... The cream of the Australian banking and finance community gathered last month to attend Australian Banking & Finance Magazine's Best Bankers Panel Discussion and Luncheon. Commonwealth Bank of Australia chief executive Ralph Norris, Aussie founder John Symond, and NAB executive general ...
When talk at our Institutional Financial Services panel discussion and luncheon turned to the current market volatility MC Peter Ryan asked NabCapital chief executive John Hooper for his view.(BEHIND THE SCREENS)
Sep 30, 2008; ... When talk at our Institutional Financial Services panel discussion and luncheon turned to the current market volatility MC Peter Ryan asked NabCapital chief executive John Hooper for his view with the following line: "At NAB you've been in the firing line, perhaps more than the others on ...
A big tick to a couple of Australia's major banks following the release last month of research undertaken by the Association of Chartered Certified Accountants.(BEHIND THE SCREENS)
Sep 30, 2008; ... A big tick to a couple of Australia's major banks following the release last month of research undertaken by the Association of Chartered Certified Accountants. The Bribery & Corruption Report, conducted by the ACCA, assessed the extent to which ...
In an Australian first, Telstra, NAB and a major credit card company have launched a contactless, mobile phone payments trial at Melbourne's Docklands.(BEHIND THE SCREENS)
Sep 30, 2008; ... In an Australian first, Telstra, NAB and a major credit card company have launched a contactless, mobile phone payments trial at Melbourne's Docklands. The technology allows consumers participating in the trial to purchase goods and services by waving their mobile phone over a ...
Growth a confidence game for investment managers: Mike Codling is the Banking & Capital Markets leader at PricewaterhouseCoopers. He was joined by Jason Slade, a partner in the Investment Management practice.(NEWS)
Sep 30, 2008; ... This financial year saw investments painted red as debt and equity markets fell globally. As a result, the average Australian balanced superannuation fund retreated more than five per cent. The decade-long bull-run investors have enjoyed is well and truly over. But these results ...