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Industry at a Glance 5-May-15

07 May 2015

New Zealand Bankers' Association

RBNZ mum as banks withdraw from remittance providers due to AML ...
Source: Interest.co.nz
Date Published: 28/04/2015

New Zealand banks are pulling back from providing banking for remittance service providers due to concerns over potential breaches to anti-money laundering laws. New Zealand Bankers' Association (NZBA) CEO Kirk Hope told interest.co.nz that following

NZBA boosted by two new affiliate members
Source: Scoop.co.nz
Date Published: 04/05/2015

4 May 2015 New Zealand Bankers Association boosted by two new affiliate members The New Zealand Bankers Association today announced that Chapman Tripp and Visa New Zealand have joined the Association as its latest affiliate members. We are …

Australian News

Card surcharges necessary, RBA says
Source: The Sydney Morning Herald National Headlines
Date Published: 28/04/2015

Credit card surcharges are necessary but review is needed to address concerns about excessive fees, the head of the Reserve Bank says.

ASIC set sights on growing fintech sector
Source: The Sydney Morning Herald News Headlines
Date Published: 28/04/2015

A digital finance advisory committee, manned by fintech experts, will help inform ASIC's focus in the sector.

APRA's Wayne Byres warns regulator will soon act on bank capital requirements
Source: The Sydney Morning Herald News Headlines
Date Published: 29/04/2015

The banking regulator is willing to act "sooner rather than later" to implement the financial system inquiry's call for the big four banks and Macquarie to hold higher capital against mortgages, which will potentially depress returns.

Former AMP chief Craig Dunn joins Westpac board
Source: The Sydney Morning Herald News Headlines
Date Published: 01/05/2015

Ex-AMP CEO Craig Dunn has joined Westpac's board after serving on the financial system inquiry panel looking at the future of Australia's banking industry.

National Australia Bank to sell 34.6pc of Great Western Bancorp for $US430m
Source: The Sydney Morning Herald News Headlines
Date Published: 01/05/2015

NAB will receive $US430 million ($544 million) from the sale of the second tranche of US subsidiary Great Western, after upsizing the share offer and pricing the deal at $US21.50 apiece overnight.

The creeping danger of Australian households' love affair with credit
Source: The Sydney Morning Herald News Headlines
Date Published: 02/05/2015

We love credit. Interest rates are low and it's so easy to borrow. But 44 per cent of NSW households are in financial stress, including a large slab of middle income earners. Yet, for more and more people, the lure of easy credit is too hard to resist.

Visa warns spending, innovation to suffer from fee cut
Source: The Sydney Morning Herald News Headlines
Date Published: 03/05/2015

Visa warns a cap on the estimated $2.5 billion in fees merchants pay banks to issue credit cards will transfer their cost to consumers and stymie payments innovation, but it supports proposed surcharge bans.

Westpac profit sparks bank sell-off
Source: The Sydney Morning Herald News Headlines
Date Published: 05/05/2015

Westpac has triggered a sell-off in bank shares after it disappointed investors by delivering the smallest increase in its interim dividend in five years and reporting no growth in annual profits.

Current Issues

Forget the watch - iPhones still drive massive Apple profits
Source: New Zealand Herald - Technology & Science
Date Published: 28/04/2015

The iPhone is still the engine behind Apple's phenomenal success, even as attention turned to its new smartwatch in recent weeks.While sceptics question whether the company's future is tied too much to one product, the iPhone's

Best Buy to accept Apple Pay, wants to give customers options
Source: CIO
Date Published: 28/04/2015

Best Buy said its customers could start using Apple Pay from Monday to make purchases on its app through the iPhone 6 and iPhone 6 Plus, thus appearing to break ranks with a group of leading U.S. merchants who are backing an alternative payment system.

Generation X: the biggest contributors to near-record national debt on credit cards
Source: Sydney Morning Herald
Date Published: 28/04/2015

Generation X has been pinpointed as the biggest contributors to the near-record national debt on credit cards, which according to Reserve Bank of Australia data, hit $51 billion in February. The age group - described by demographers as 'stressed-out'

Xero and Paymark team up for paperless receipt service
Source: Stuff.co.nz - Business
Date Published: 30/04/2015

Paper receipts could be a thing of the past with accounting software company Xero and eftpos provider Paymark collaborating on a digital receipt service.

Online shopping growth beats physical stores
Source: New Zealand Herald - Business
Date Published: 01/05/2015

Online retail spending continues to grow, with March spending up 11 per cent on the previous year according to the latest BNZ online retail sales report.The survey found online spending in New Zealand alone was up 7 per cent on

Banks hire more 'customer centric' staff
Source: Stuff.co.nz - Business
Date Published: 01/05/2015

Banks have significantly increased their customer service staff numbers in past year

ANZ branded 'worst trans-national' by anti-foreign investment group
Source: Stuff.co.nz - Business
Date Published: 04/05/2015

ANZ Bank has been branded "the worst trans-national corporation operating in New Zealand" by a group opposed to foreign ownership.

Member Banks

ANZ: Basel reforms 'risks higher prices'
Source: The Australian
Date Published: 02/04/2015

ANZ has warned that looming global banking reforms could result in homebuyers with small deposits facing higher prices, intensifying the big four's push for the government to stall the implementation of David Murray's financial system inquiry.

BNZ offers no interest loans for poor
Source: Stuff.co.nz - Business
Date Published: 28/04/2015

No interest loans designed to give low-income Aucklanders an alternative to borrowing from loan sharks are now being made.

ANZ waives fees for International Money Transfers into Nepal
Source: Scoop NZ - Business
Date Published: 30/04/2015

ANZ today announced that it will waive fees for International Money Transfers made via internet banking into Nepal, as relief efforts continue following the devastation of the earthquake.

Westpac's NZ profits up a notch
Source: New Zealand Herald - Banking
Date Published: 04/05/2015

Westpac Bank's New Zealand unit lifted first-half profit 2 per cent as gains in residential and business lending were offset by increased impairment charges.Cash earnings in the New Zealand business rose to $441 million in the

Internet provider Wireless Nation signs deal with ASB
Source: Voxy.co.nz - Business
Date Published: 04/05/2015

Wireless Nation has just signed a contract with ASB to provide the Bank’s rural customers and staff with additional free data on its Rural Broadband solutions, discounts on Voice over IP (VoIP) phone lines, and Zero-rated Data on its Satellite Broadband network.

Westpac imposes tougher borrowing rules on property investors
Source: The Sydney Morning Herald News Headlines
Date Published: 05/05/2015

Westpac will apply tougher tests to new property investor borrowers when assessing how they would cope with higher interest rates.

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