Intercity rivalry doesn't stop at banks - and Sydney comes out on top
July 29, 2008
There is a mischievous view doing the rounds of the banking industry that if it was not for Melbourne, the share prices of the rest of the majors would be in much better shape. For Melbourne, of course, read ANZ and National Australia Bank. So it will not be any surprise that the quip has emanated from Sydney where Commonwealth, Westpac and St George are based.
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.
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...
Westpac, CBA ratings to hold firm
THE other two of the "Big Four" banks, Commonwealth and Westpac, are expected to raise their provisions for bad debts to cover increasing concerns about the slowing economy -...
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...
NAB's Write-Down May Hurt Future Funding
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...
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.
Westpac beats gloom
WESTPAC yesterday ruled out any need to ration lending in the global credit crisis, revealing that it had so far escaped the worst of the domestic economic slowdown.
NAB shares slump on writedowns
National Australia Bank announces $830 million in additional provisions, sending its shares down as much as 13%.
Orica to demerge consumer products
Orica Ltd plans to demerge its consumer products business into a separate company and raise up to $900 million through an entitlement offer.
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 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 signals earnings boost
Australia's fourth-largest lender says it is on track to deliver cash earnings growth of 6-8% in 2008.
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.
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.
NAB role unclear as Stewart joins Telstra
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 a Telstra director yesterday.
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.
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...
Babcock & Brown shares dive on fee...
Babcock & Brown, the worst- performing stock on the MSCI Asia-Pacific Index, fell on concerns that credit market turmoil may cut proceeds from asset sales to reduce debt.
ASX lower led by financials, resources
The Australian share market closed more than two per cent lower, dragged down by the resource and financial sectors and a weak lead from Wall Street overnight.
ASX closes lower after financials fall
The Australian share market closed lower after falls from the financial sector, with Babcock & Brown suffering a heavy loss amid a drop in interim profit.
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.