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Bankwest Enters RMBS Market For First Time Since Being Acquired By CBA
Bankwest has waded into the residential mortgage backed securities market for the first time since it was acquired by Commonwealth Bank for $2 billion. The lender launched a $620 million deal with three different classes of securities.
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JP Morgan To Issue Kangaroo Bond
JP Morgan says it intends to be the first Wall Street bank to issue Kangaroo bonds since Lehman Brothers collapsed in 2008.
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NAB First Quarter Earnings Disappoints
Australian banking major National Australia Bank failed to take advantage of the domestic economic recovery and felt the effects of fierce competition, as it delivered almost no growth in first quarter cash profits compared to the same period a year earlier.
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ANZ Chief Endorses Government Decision To Axe Sovereign Guarantee
Mike Smith, chief executive of Australian banking major ANZ, says he supports the decision by the government to end the sovereign guarantee on bank wholesale funding, but added a note of caution, saying that the Australian banking system continues to be vulnerable to potential damaging “aftershocks”.
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Macquarie Guidance Disappoints Market
Nicholas Moore, chief executive of Australian investment banking major Macquarie Group says that proposed changes to regulatory framework had created an environment of uncertainty in the banking industry, whilst the investment bank announced a profit forecast that was below market expectations.
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Mortgage Funds To Remain Frozen
Mortgage fund investors may be required to wait as many as four years for access to cash held in frozen investments.
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Westpac Launches Revamped Online Trading Platform
Australian banking major Westpac Banking Corporation has joined its rivals in improving its online trading platform as the lender gears up to grow its client based by as much as 8 per cent during 2010.
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Fourth Consecutive Interest Rate Hike Likely
Inflation is expected to be a key concern for the Australian central bank, the Reserve Bank of Australia is widely tipped to raise interest rates an unprecedented fourth consecutive time.
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Big Four Banks Expected To Deliver Strong Profit Growth
The Australian banking sector can expect a broad based re-rating after CBA surprised the market and issued unaudited profits that were in excess of analyst expectations. Most lenders are now expected to post improved earnings forecasts.
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Cooper Review Calls For Tighter Regulation Of Super Fund Stock Lending
Australia’s super fund industry will be allowed to continue the controversial practice of stock lending, but may end up being more tightly regulated in order to curtail any elevated risks that they may face as a result of the practice.
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