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Mortgage Broker Says Australian Home Loan Approvals Tumble In January
New figures from a leading mortgage broker suggests that Australian’s are feeling the effects of three consecutive interest rate increases and the paring back of federal government grants, with demand for home loans declining sharply during the month of January.
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AMPs Exclusivity Agreement With AXA Ends
Australian wealth manager AMP’s exclusivity agreement with French insurance giant AXA SA in the proposed acquisition of Australasian subsidiary AXA Asia Pacific holdings (APH), ceased to be effective at the weekend, implying that on Monday, investors will have a better idea of who will be buying the company.
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Federal Wholesale Funding Guarantee To End
The Australian federal government is ending its policy of guaranteeing the wholesale funding commitments of Australian banks, citing a stronger economy and improving market conditions as reasons for ending the scheme, which it says will not contribute to a rise in funding costs.
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NAB May Bid For RBS UK Branch Network
Australian retail banking major National Australia Bank may team up with US private equity group Blackstone, and British buy-out firm Revolution in a potential bid for as many as 300 branches of troubled British banking giant Royal Bank of Scotland, according to the Financial Times.
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Macquarie Makes European Investment Banking Acquisition
Australian investment banking major Macquarie Group has acquired the research and investment banking operations of Luxembourg based private bank Sal Oppenheim.
Macquarie had recently acquired the private bank’s derivatives business in December last year.
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Interest Rate Rises Take Their Toll As Australian Consumer Spending Declines During Christmas
Three consecutive interest rate increases in the run up to Christmas appear to have taken their toll on consumer spending, with retail sales unable to maintain November’s strong momentum, according to new data.
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AMP Unlikely To Trump NAB’s AXA Bid
Craig Dunn, chief executive of Australian wealth manager AMP, has cooled on the prospects of acquiring AXA Asia Pacific holdings (APH), and according to The Australian reportedly told managers at the company that the acquisition is not a “strategic must do”.
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RBA Pauses On Interest Rate Tightening Cycle
Despite a widely expected hike in official interest rates, home owners and businesses were spared a fourth consecutive rate increase by the Reserve Bank of Australia, which yesterday opted to pause its interest rate tightening cycle, choosing instead to allow big banks to take the strain, after having pushed up their lending rates in excess of official interest rate increases.
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IAG Says Insurance Margins Improved
Australian insurance major, Insurance Australia Group (IAG) revised its guidance, saying it believes full year insurance margins will range between 11.5 per cent to 13 per cent, up from previous guidance which suggested the range would be between 9 per cent to11 per cent.
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Aussie Home Loans Says It Is Poised To Achieve Dominance In Non Bank Mortgage Lending
John Symond, executive chairman of non bank financial Aussie Home Loans, says his company is poised to achieve dominance in the non bank mortgage lending segment, that, despite the fact that it is widely expected that there may be as many as three further interest rate hikes during 2010.
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