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St George Chief to Step Down
St George Chief Executive officially resigned as Federal approval was given for the banks merger with its larger rival Westpac Banking Corporation.
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Fortescue Denies Sovereign Wealth Fund Stake Sale
Fortescue Metals Group (FMG) issued a denial on Monday that it was in talks with China Investment Corp (CIC) that would have ultimately led to a stake in the Chinese Sovereign Wealth Fund. FMG also denied that it was seeking additional capital for any of its Western Australian mining projects.
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Santander To Issue Kangaroo Bonds
Spanish banking major, Banco Santander plans to start issuing Aussie Dollar Bonds, better known as Kangaroo Bonds, according to JP Morgan. The timing of the decision and the quality of the issuer is another strong signal that the crisis in Australia’s credit markets has finally begun to ease.
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Foreign Banks May Withdraw From Aussie Corporate Loan Market
Foreign banks with Australian operations are considering abandoning the domestic loan market altogether. Such a move would mean that Australian borrowers would be pushed into tight corners facing serious funding pressures.
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Aussie Inter-Bank Lending Easing Up
The credit crisis may have reached a peak in Australia, as its interbank money market continues to show signs of thawing. The fall in short term money market rates contrasts significantly with that of the US, where large government bailouts of troubled lenders has failed to reduce spreads.
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NAB Cuts 350 Jobs at its UK Unit. Banking Industry Fears More Cuts at Home
The National Australia Bank, announced job cuts in its British unit with around 350 employees being affected with the announcement of a strategic partnership between French Insurer AXA and NAB’s UK unit Yorkshire and Clydesdale banks.
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ANZ May Cut Up To 3500 Jobs Before Christmas
Fairfax Newspapers on Friday reported that ANZ was looking to aggressively cut costs and intended to axe 3000 to 3500 workers and contractors in the face of an economic downturn. The paper cited an unnamed “well placed” source within the company.
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Big Banks Want to Hold on to Big Depositors
The Major Australian Banks, intend to launch a range of guaranteed accounts in defense of their swollen deposits collected under the Federal Government support scheme. Australia’s big four lenders particularly Commonwealth Bank of Australia, face big outflows of deposits, once the three year guarantee scheme takes effect at the end of November.
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CBA Takes A Beating
It has been a terrible couple of weeks for CBA; two major brokers downgraded Commonwealth Bank of Australia since the beginning of last week. Investors were spooked over the bank’s exposure to Allco Finance and ABC Learning. The capital raising by rival NAB at the start of this week which had the effect of improving its tier one capital ratio, all but guaranteed that investors would lay siege to CBA’s stock price over the last two days, as investors demand that the bank observe the more conservative benchmarks in capital adequacy that its peers are observing.
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ANZ Appoints New Chairman
Australia’s third largest banking group ANZ appointed former British Airways Chief Executive Sir Rod Eddington to succeed current Chairman Charles Goode when he steps down from the position next year. Sir Rod is the non-executive Chairman of JP Morgan Australia and sits on the boards of some prestigious companies including Rio Tinto, News Corporation and John Swire & Sons.
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