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.
According to a new report by Credit Suisse, Australian banking major ANZ’s ambition of turning itself into a super regional lender, will provide the bank with much needed exposure to high growth economies, and may enable it to plug a funding shortfall faced by its domestic rivals.
After a brief respite in the war for depositors, Westpac chief executive Gail Kelly is upping the ante amongst the big four lenders, by saying that Westpac intends to increase its reliance on deposit based funding for the year.
Moody’s Investor Service the global credit ratings agency has reaffirmed the stable outlook for Australian building societies, as their depositor base continues to improve, and the Australian economic recovery remains solid.
In its response to growing criticism that the Big Four Australian banks wield too much market power, the Federal Government has introduced new regulations which will encourage the development of the corporate bond market, as well as proposed new tax cuts for smaller lenders, that will enable them to raise money on wholesale international markets more easily.
David Liddy, chief executive of regional lender Bank of Queensland says the market for retail deposits has become dysfunctional, and wants the government to help restore competition between smaller regional lenders and the major banks.
Many of us who use current accounts for our primary bank account make a number of common mistakes, thinking that it is nothing more than a place to stash one’s cash. Used in the correct manner, the humble current account can be so much more than that. Used in the wrong way it can prove very costly, resulting in having to hand over lots of cash to your bank for no reason.
Here are four current account mistakes to avoid.
Cameron Clyne, chief executive of Australian banking major, National Australia Bank (NAB) says that oligopoly which effectively controls the banking industry is running the risk of heavy handed regulatory intervention if it does not improve its reputation.
It has been a year since Cameron Clyne assumed the helm of Australian banking major National Australia Bank (NAB) and unveiled his “people’s bank” strategy, which was developed around the notion that lenders need to work hard in order to earn the respect of the communities they serve.
The Australian central bank has levelled an accusation at major Australian lenders saying that they are responsible for driving up their own funding costs by aggressively waging war with each other for retail deposits, forcing up savings rates in their effort to win customers.