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Industry at a Glance 17-Feb-15

17 February 2015

Australian News

Commonwealth Bank's profit jumps to $4.62b, but lender rings alarm bell for economy
Source: The Sydney Morning Herald News Headlines
Date Published: 11/02/2015

The Commonwealth Bank's first-half profits have swelled 8 per cent to $4.62 billion, but Australia's biggest bank sees "a significant threat" for the economy.

Phil Chronican quits Australian CEO for ANZ
Source: The Australian
Date Published: 16/02/2015

Mr David Hisco, chief executive for ANZ New Zealand, will take over Mr Chronican's responsibilities as global head of retail for the bank. Mr Whelan and Mr Hisco will take up their new responsibilities on April, following regulatory approval. Mr Whelan has 

Queue forms at ANZ in the race to replace CEO Mike Smith
Source: The Sydney Morning Herald News Headlines
Date Published: 16/02/2015

ANZ's  high-profile and outspoken chief executive, Mike Smith will leave his job towards the end of next year after more than nine years running one of Australia's largest companies and one of the world's best-rated banks..

ANZ staff vote down pay rise offer over conditions
Source: The Sydney Morning Herald News Headlines
Date Published: 16/02/2015

ANZ Bank staff have rejected the bank's final offer for a new collective agreement, amid concerns working conditions would have been watered down in exchange for pay rises.

ANZ posts $1.8b cash profit for first quarter
Source: Sydney Morning Herald
Date Published: 17/02/2015

Its New Zealand arm has also benefited from lower cost growth than revenue, and a benign credit environment. However, the international and institutional banking division that is driving ANZ's push into Asia had a 'mixed' start to the year. It said the

Current Issues

Westpac NZ launches fully responsive online banking platform
Source: Scoop NZ - Business
Date Published: 11/02/2015

Westpac has launched its new online banking platform “Westpac One”, redefining the way customers are able to bank using mobile devices.

Spending on debit, credit cards up in Jan
Source: New Zealand Herald - Business
Date Published: 11/02/2015

New Zealanders increased their spending on debit and credit cards in January, led by consumables and durables, while spending on fuel fell for a third straight month, reflecting the drop in global oil prices.The value of core retail

Alarm over appraisal of cash transfer option for NZ
Source: New Zealand Herald - National News
Date Published: 12/02/2015

A money transfer system that has raised fears of money-laundering overseas is being considered by Immigration New Zealand as an acceptable means for wealthy Chinese applicants to bring cash to New Zealand.The agency is assessing

To combat fraud, Visa wants to track your smartphone
Source: New Zealand Herald - World News
Date Published: 14/02/2015

NEW YORK (AP) " Those days of calling your bank to let them know that, yes, you really are in Thailand, and yes, you really did use your credit card to buy $200 in sarongs, may be coming to an end.The payment processing company

Police warning on credit scheme
Source: New Zealand Herald - National News
Date Published: 15/02/2015

Police have issued a warning about a scheme claiming to provide an alternative to traditional currency.The Herald on Sunday revealed last weekend

Banks issue caution over online banking fraud in POLi system
Source: New Zealand Herald - Banking
Date Published: 16/02/2015

Internet banking customers using a popular online payment system are being warned by banks that they might not be covered if fraud occurs.POLi, owned by the Australian Government's Australia Post, is offered to customers using the

Hackers steal up to $1 billion from banks
Source: New Zealand Herald - Business
Date Published: 16/02/2015

A hacking ring has stolen up to $1 billion from banks around the world in what would be one of the biggest banking breaches known, a cybersecurity firm says in a report scheduled to be delivered on Monday.The hackers have been active

Member Banks

ASB posts record half-year profit
Source: Stuff.co.nz - Business
Date Published: 11/02/2015

ASB Bank has hauled in a record half-year net profit of $444 million, suggesting the banking industry is in for another bumper year.

Claire Matthews: Ten years is a long time to predict rates
Source: New Zealand Herald - Opinion
Date Published: 14/02/2015

TSB Bank's new 10-year fixed rate home loan has captured the imagination of homebuyers, along with plenty of headlines, since it was launched last week. At 5.89 per cent per annum, it is certainly an attractive rate - well below the

ANZ Australian CEO Phil Chronican to step down
Source: The Marlborough Express - National Business
Date Published: 16/02/2015

ANZ Banking Group's Australian chief executive Phil Chronican is stepping down from one of the most senior roles in the local banking industry, to be replaced by commercial banking boss Mark Whelan.

Westpac pays out $3m to settle rural swaps case
Source: New Zealand Herald - Banking
Date Published: 17/02/2015

Westpac Bank's New Zealand unit has agreed to pay $2.97 million in a settlement with the Commerce Commission over the way the bank sold interest rate swaps to farmers between 2005 and 2012.The bank will make $2.47 million available

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