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SME’s Grow Increasingly Dissatisfied With Business Banking
A recent report by a research firm has shown over the last year that Australian small businesses have grow increasingly frustrated with their banks over the high cost of credit and unavailability of dedicated managers to serve them.
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Major Australian Banks To Undertake Overdraft Fee Review
The Big Four Australian banking groups are reviewing charges levied on overdrawn accounts after their rival National Australia Bank (NAB) has decided to cease charging customers who end up overdrawing their bank accounts.
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RBA Governor Sounds Warning Over Sovereign Bank Guarantee
Governor of the Australian central bank, Glenn Stevens has sounded a warning for Australian financial institutions to start preparing for the eventuality that the Government would cease the sovereign guarantee scheme for wholesale funding, as global regulators in multiple jurisdictions worldwide lift the measure that was enacted to enable banks to obtain finance at the height of the credit crisis.
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NAB To Acquire 80 Per Cent Stake In Goldman Sachs Australian Wealth Management Unit
Australian banking major National Australia Bank (NAB) has agreed a deal with Sachs, to acquire an 80.1 per cent stake in the wealth management business of the investment bank’s Australian subsidiary Goldman Sachs JBWere’s in Australia and New Zealand for $99 million.
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Australian Sovereign Funding Guarantee Needs To Be Restructured
Market analysts and regulators have suggested that the largest banks in Australia pay the lowest rates in the world for access to Australia’s sovereign guarantee of funding given by the Federal Government.
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NAB’s UK Subsidiary Downgraded By S&P
Global credit ratings agency Standard & Poor’s downgraded the rating for National Australia Bank’s (NAB) wholly owned subsidiary Clydesdale Bank citing that the UK unit’s stand alone credit profile has deteriorated.
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Macquarie Expected To Issue Downbeat Forecast
Australian investment banking major Macquarie Group is set to release a down beat forecast when it issues an update for shareholders on Wednesday, despite potentially receiving a boost to income from the upcoming sale of management rights of the group’s benchmark airport fund.
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NAB Stock Price Could Benefit From A Re-Rating
Australian banking major, National Australia Bank (NAB) could have its stock price re-rated which would result in it trading at as much as a 22 per cent premium to its current average price, if it admits to running a “bad bank” and discloses the performance of such a business division separately.
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ANZ Board Elects New Chairman
Australian banking major Australia & New Zealand Banking Corporation (ANZ) has appointed a new chairman elect to take the place of the previous candidate for the job, Sir Rod Eddington, who withdrew his candidacy for the job.
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Australia Needs To Act With Global Policy Makers To End Sovereign Bank Guarantees
Market analysts have sounded a warning which is growing increasingly louder by the day, that Australia needs to be part of a coordinated global effort to provide an exit strategy from the policy of government bank guarantees, rather than leave large domestic financial institutions exposed to capital outflows.
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