NAB's Write-Down May Hurt Future Funding
July 25, 2008
National Australia Bank could face higher funding costs after the bank shocked market participants with a write-down worth US$796.1 million, blaming the global credit crunch and slumping U.S. housing sector.
National Australia Bank shares fall 10%
National Australia Bank shares have dropped 10 per cent after the bank announced an extra $830m loss on its exposure to US mortgage-backed debt securities.
National Australia Bank talking to Royal Bank of Scotland about buying local arm of ABN Amro
National Australia Bank Ltd., one of the country's biggest lenders, said Friday it is in consultations with the Royal Bank of Scotland about buying the local arm of investment bank ABN Amro.
Westpac's ray of light
Westpac has so far managed to avoid big problem credit exposures, and should it successfully swallow St George, will become Australia's biggest bank.
Westpac expect 8% cash earnings growth
Westpac Banking Corporation says it is on track to deliver 2008 cash earnings growth of between six and eight per cent.
Westpac Banking Corporation and St...
Westpac Banking Corporation, Australia's oldest company, is in talks with St
George, a former building society, about merging to form a A$64 billion ($£31
billion) institution.
NAB role unclear as Stewart joins...
THE chief executive of National Australia Bank, John Stewart, has again fuelled speculation that he may leave within 18 months to serve on company boards, after he was appointed...
Australia's Commonwealth Bank eyeing...
Reuters - Commonwealth Bank of Australia (CBA)
, the country's No. 2 bank by assets, may offer over
A$6 billion ($5.2 billion) to British bank HBOS for
its Australian unit...
Westpac approaches St. George in...
Westpac Banking Corp. said Monday it has approached rival St. George Bank Ltd. with a 15 billion Australian dollars (US$14 billion; €9 billion) takeover offer that could be...
Westpac may have to boost $17.6 billion St George bid (Reuters)
Reuters - Westpac Banking Corp Ltd , which has bid $17.6 billion for St George Bank in the biggest banking takeover ever in Australia, is bracing for rival offers to emerge that could push the price tag even higher.
Australia's Westpac offers $14B for bank rival St. George
Westpac Banking Corp. said Monday it has approached rival St. George Bank Ltd. with a $14 billion takeover offer that could lead to the biggest shakeup of Australia's banking sector in years.
St. George agrees to Westpac takeover
Westpac Banking Corp. and smaller rival St. George agreed to a takeover deal Tuesday worth 18.6 billion Australian dollars ($17.5 billion) that would create Australia's biggest...
St. George Bank agrees to Westpac...
St. George Bank agreed Tuesday to a nearly 19 billion Australian dollar (US$18 billion; €12 billion) takeover offer from Westpac Banking Corp. that would create Australia's...
ASX high at noon as Wall St soars
The Australian stock market was up at noon as News Corporation Ltd reported robust fourth-quarter and full-year results.
08/06/08
Similar news about ANZ Bank
Westpac may bid higher for St. George
Westpac Banking Corp Ltd WBC.AX
Babcock Wins Reprieve From Lenders
Babcock & Brown's lenders removed a debt clause and waived their right to review its ability to repay $2.7 billion in loans.
Babcock CEO, Chairman Step Down
Babcock & Brown unveiled a major overhaul of its board and management but failed to stem the drop in its share price due to continued concerns about its financial position.
Westpac and NAB play catch-up
WESTPAC and National Australia Bank are expected to add to the pressure on home owners and businesses as early as tomorrow as they prepare to catch up with the latest rises in rates on standard variable home loans with increases of as much as 0.15 per cent.
National Australia Bank names new chief executive
National Australia Bank Ltd., one of the country's biggest lenders, said Thursday that the head of its New Zealand operations, Cameron Clyne, will take over as chief executive, replacing John Stewart at the start of next year.
National Australia Bank reports 25.8...
National Australia Bank Ltd. said Friday its first half net profit rose 25.8 percent over the same period last year, boosted by strong lending and deposit growth and a one-time...
Westpac pressured to lift rates
WESTPAC is coming under increasing financial pressure to top up its leading home loan interest rate after National Australia Bank's sudden move to bring the cost of its...
Best of the big banks
So far, in this first anniversary week of the subprime implosion, Westpac has proved itself most adept among its peers at managing risk.
ASX marginally in the red
The ASX was marginally in the red at noon, with gold stocks heavily sold off for the second consecutive day on the back of a falling gold price.
NAB shares slump on writedowns
National Australia Bank announces $830 million in additional provisions, sending its shares down as much as 13%.
NAB slumps on debt shock
NATIONAL Australia Bank will suffer a $600 million blow to its annual net profit, sending its earnings into the first tailspin for four years, after taking a direct financial...