A research report suggests as many as one third of Australian bank customers are not satisfied with the level of service they receive from the nations big lenders, whilst building societies and credit unions receive a much higher approval rate.
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Australian banking major ANZ has promised its 800,000 variable rate mortgage borrowers that it will not impose interest rate rises in excess of official moves by the central bank.
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Australian banking major, National Australia bank recorded a 43 per cent decline in full year net profit. The lenders higher revenues were not enough to propel profits higher, and were generally offset by credit impairment charges, tax charges and other one off items.
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Australian investment banking major, Macquarie Group has made another Canadian acquisition, agreeing to buy CI Financial Corp’s Blackmont Capital for $95.2 million, adding to its brokerage capability in Canada.
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Australia’s major banking groups have raised interest rates on their fixed rate mortgages, a week ahead of a scheduled Reserve Bank of Australia meeting, the outcome of which is considered to be an almost certain further increase in the official cash rate.
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Australia’s largest banks have emerged from the financial crisis stronger and in better shape than they were prior to the onset of the crisis, with the market value of both Commonwealth Bank and ANZ now exceeding their peak valuations before the crisis began in mid 2007.
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Patrick Snowball, chief executive of Bancassurance group Suncorp-Metway has unveiled a shake-up of the company’s senior management team, announcing the appointment of two senior executives and saying goodbye to personal insurance boss Bernadette Inglis.
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Australian superannuation (super) funds have continue to record impressive gains over the last quarter, returning their levels to that of pre financial crisis according to new research.
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A senior official from the Reserve Bank of Australia has said that the current policy of tightening official interest rates will not result in financial hardship for Australian households.
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A leading mortgage broker says that whilst switching into a fixed rate mortgage may sound good in theory, an analysis of the numbers just doesn’t make it worthwhile.
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