Tag: Bank

Australian small businesses are increasingly turning to non-bank lenders for investment funding, according to a new report.

Australian neobank, 86 400, has closed its Series A capital raise. $34m of new equity was raised in March, bringing its total capital to $90m. The funds will help further accelerate product and feature development and support mortgage book growth. The raise, led by international investment bank Morgan Stanley, is one of the largest Australian fintech […]

NAB faces potential class action proceedings over excess superannuation fees levied by its wealth arm. William Roberts Lawyers is inviting MLC Super fund customers to sign up to the no-win, no-fee action, which is backed by litigation funder IMF Bentham and will seek compensation plus interest for the excess fees. The action will allege that, […]

ANZ’s NZ chief executive has left the bank after an internal review raised concern among board members over his personal expenses. ANZ on Monday said David Hisco had accepted that “characterisation of the expenses falls short of the standards required” and had been replaced as ANZ NZ CEO on an interim basis by Antonia Watson. […]

Westpac chief executive Brian Hartzer says the bank’s first-half results are disappointing. Westpac has held its interim dividend despite the cost of refunding customers helping drag down first-half profit by 22 per cent to $3.296 billion.   Australia’s second largest bank set aside $617 million to cover refunds and associated costs following the financial services royal […]

Analysts are increasingly confident the RBA will move rates for the first time since August 2016 on Tuesday in a bit to reignite stalling economic growth. The Reserve Bank cash rate could change for the first time in nearly three years this week with a cut to a new record low a real possibility after […]

Prime Minister Scott Morrison won’t be drawn on a possible interest rate cut by the Reserve Bank, saying any reduction is a decision for the independent central bank. Financial markets see an increased likelihood of a cut in the 1.5 per cent cash rate after inflation figures released this week showed the annual rate unexpectedly […]

Byline: Todd Handcock, President, Asia Pacific, Collinson Banks are facing increasing pressure to grow their business in the era of digital disruption and open innovation. Profound changes in consumer behaviour, technological innovations, the availability of a massive amount of data and the connected lifestyle of customers have led to a blurring of industry boundaries. Today’s consumers […]

“We are determined to put things right and are taking steps to build a better bank.”

Alan Docherty gets new role at CBA.