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NAB Announces Debt Repurchase Plan
Australian banking major, National Australia Bank (NAB) is taking advantage of the drop in prices of its own bonds as a result of the global credit crisis, and using the opportunity to repurchase US$250 million of its own long term debt at two thirds of its face value.
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International Kangaroo Bond Issuers Find Australian Debt Market Increasingly Expensive
International issuers from Asia, Europe and the US are finding the costs of issuing Australian dollar denominated debt known as “kangaroo bonds” are rising as a result of having to compete against Triple A rated sovereign guaranteed debt being issued by domestic Australian banks.
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Westpac Expects Further Pressure On Loan Portfolio
Australian banking major Westpac Banking Corporation has said that it expects to see further pressure on its consumer loan book as rising unemployment takes its toll and causes credit impairments to rise.
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Suncorp Finally Names New Chief Executive
Regional lender and bancassurance group Suncorp-Metway Lts has announced the appointment of Patrick Snowball as its new chief executive. Mr. Snowball a former executive with UK insurance giant Aviva plc, will begin his tenure with Suncorp, Australia’s fifth largest lender on the 1st of September and also joins the group’s board.
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ANZ In Advanced Negotiations To Acquire Five Asian Units From RBS
Australian banking major Australia & New Zealand Banking Group (ANZ) is thought to be keen on acquiring the operations of quasi nationalized UK bank Royal Bank of Scotland’s (RBS) operations in at least five countries in the Asia region as the lender splits up its regional assets in order to make the sale more attractive for potential bidders, according to a report by Bloomberg.
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CBA’s Internet Banking Facility Breaks Down
Commonwealth Bank of Australia’s internet banking facility NetBank broke down on Monday and was not available to the lenders customers for a few hours yesterday as a result of “technical issues” the bank said.
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NAB Faces $347 Million Tax Liability
Australian banking major National Australia Bank (NAB) may be required to take a $347 million tax hit resulting from a long term dispute with the Australian Tax Office, according to a report in The Melbourne Herald Sun newspaper.
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NAB’s Aviva Wealth Management Acquisition To Bring Scale
Australian banking major National Australia Bank (NAB) $825 million purchase of the Australian wealth management operations of Aviva PLC will provide scale to NAB’s life insurance business, says chief executive Cameron Clyne.
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Australian Banks Face Rising Bad Debt For At least Another Year
Chief executive of Australian banking major, National Australia Bank (NAB) Cameron Clyne says most banks will see the effects of increasing bad debts on their profits for at least the next four quarters, especially is unemployment continues to increase.
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Mortgage Borrowers Not Switching To Fixed Rates In Large Numbers
Australian mortgage borrowers do not seem to be phased by the Australia’s largest mortgage lender raising its standard variable mortgage rate and there has been no en mass switch into fixed rate mortgages according to a mortgage broker.
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