Economists expect that the Australian central bank will hold interest rates steady at 3.5 per cent when it meets later today.
The apex court in America, The Supreme Court of the United States has ruled in favour of Australian banking Major, National Australia Bank, and said the foreign investors could not continue with their lawsuit in that country, which seeks to obtain damages from NAB over the Homeside case.
Banc-assurance group Suncorp-Metway is seeking to more than double the size of its current life insurance business over the next three years, as it expands its presence in direct sale and financial planning markets.
Geoff Summerhayes, chief executive of Suncorp Life says the insurer has managed to expand its presence in the independent financial advisory market, mainly through its Asteron brand.
Customers of Australian banking major’s internet banking platform, found that had limited access to the lenders automated teller machines on Tuesday, as a result of an issue with the banks communication network.
ANZ, which has roughly 1.8 million internet banking customers, said that customers on Tuesday were unable to use their internet banking facilities, and faced limited access to funds through ATM’s or EFTPOS since 0900 AEST Tuesday morning.
A senior figure with Australian banking major, National Australia Bank (NAB) says he believes that the golden age in Australian mortgage lending, which has propelled the country’s two largest lenders into earning super profits is destined to come to an end.
Mark Joiner, NAB’s chief financial officer said that the effects of the financial crisis, had reduced effective competition in the mortgage lending market, enabling leaders CBA and Westpac to hold on to windfall games that arose as all lenders transitioned to a new global accord on bank capital.
Australian banking major Commonwealth Bank of Australia (CBA) says that retail sales in Australia have slowed to an annual growth rate of 3.4 per cent, and were largely flat during the month of May.
CBA’s business sales indicator index, which calculates the value of debit and credit card transactions through the lenders point of sale terminals remained unchanged during the month of May.
AMP the Australian wealth manager which is seeking to acquire AXA Asia Pacific Holdings (APH) received a boost to its bid, after New Zealand’s competition regulator bestowed its blessing upon the proposed deal.
Australian banking major ANZ, which has grand ambitions of Asian expansion has seen the chances of it acquiring a controlling stake in Korea Exchange Bank rise sharply, after KEB said the Australian banks was a strong partner for buyout candidate.
Australian banking major National Australia Bank has denied speculations that intends to exit the UK and sell off its British units, after the lender last week dropped out of the bidding to acquire a 318 branch network from Royal Bank of Scotland.
A leading index of economic growth expects suggest that economic growth will slow down during the second half of 2010 after falling for the first time in ten months.
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