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☆ Aussie lender ANZ loses case over troubled 2015 share placement worth $1.6 billion
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +2 min

"The landmark case reaffirms the importance of the continuous disclosure rules to maintain market integrity," the ASIC said in a statement on Friday. "The decision also confirms that a significant take-up of shares by underwriters in a capital raising may be considered price sensitive information requiring market disclosure." The maximum penalty under the court decision is A$1 million, ANZ said. The bank is reviewing the court judgement, it said, while the securities regulator said it would now make submissions on appropriate penalties. ($1 = 1.5838 Australian dollars)Reporting by Sameer Manekar in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

Persons: Steven Saphore, Sameer Manekar, Rashmi Organizations: New Zealand Banking Group, ANZ, REUTERS, Australia's ANZ, underwriters, Australian Securities and Investments Commission, Citigroup Inc, Deutsche Bank AG, Australian Competition, Consumer Commission, Thomson Locations: Australia, Sydney, Bengaluru

☆ China is showing 'early signs' of economic stabilization, economist says
▼ + stars: | 2023-09-20 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChina is showing 'early signs' of economic stabilization, economist saysBetty Wang of the Australia and New Zealand Banking Group, says, however, that it's still too early to tell if the economy will secure a full recovery by the end of the year.

Persons: Betty Wang, it's Organizations: New Zealand Banking Group Locations: Australia

☆ New Zealand banks to introduce new measures to prevent scams
▼ + stars: | 2023-09-15 | by ( Lucy Craymer | ) www.reuters.com time to read: +1 min

REUTERS/Thomas White/Illustration/File Photo Acquire Licensing RightsWELLINGTON, Sept 15 (Reuters) - New Zealand banks on Friday said they would introduce new steps to counter scams targeted at its customers including establishing a national Anti-Scam centre, combining resources to combat money laundering and increasing public awareness. Roger Beaumont, chief executive of the New Zealand Banking Association, which represents all large banks based in New Zealand, said in a statement that the joint commitment by retail banks is expected to have a positive impact in tackling fraud and scams. In the second quarter of 2023 1,950 scams were reported with people losing NZ$4.2 million ($2.48 million), according to data from the New Zealand government’s Computer Emergency Response Team. Australia, where four of New Zealand’s largest retail banks are headquartered, is also introducing similar new measures. ($1 = 1.6915 New Zealand dollars)Reporting by Lucy Craymer Editing by Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

Persons: Thomas White, Roger Beaumont, Beaumont, Lucy Craymer, Shri Navaratnam Organizations: REUTERS, Rights, New Zealand Banking Association, NZ, Zealand, Thomson Locations: New Zealand, Australia

☆ Australia Aug ANZ-Indeed jobs ads jump most in over an year
▼ + stars: | 2023-09-04 | by ( ) www.reuters.com time to read: +1 min

A pedestrian is reflected in the window of a branch of the Australia and New Zealand Banking Group (ANZ) in central Sydney, Australia, October 25, 2017. Picture taken October 25, 2017. Data from Australia and New Zealand Banking Group (ANZ.AX) and employment website Indeed showed job ads rose 1.9% in August from July, the biggest increase since June 2022. Ads were, however, down 7.7% year-on-year earlier, but remained 52.2% above pre-pandemic levels. Reporting by Stella Qiu; Editing by Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

Persons: Steven Saphore, Stella Qiu, Kim Coghill Organizations: New Zealand Banking Group, ANZ, REUTERS, Rights, New Zealand Banking, Thomson Locations: Australia, Sydney

☆ Australia's ANZ Group and Suncorp seek review of $3.2 bln deal block
▼ + stars: | 2023-08-25 | by ( ) www.reuters.com time to read: +1 min

A pedestrian is reflected in the window of a branch of the Australia and New Zealand Banking Group (ANZ) in central Sydney, Australia, October 25, 2017. REUTERS/Steven Saphore/File Photo Acquire Licensing RightsAug 25 (Reuters) - ANZ Group (ANZ.AX) and Suncorp Group (SUN.AX) said on Friday that they have filed separate applications to seek a tribunal review after Australia's competition regulator recently blocked ANZ's $3.2 billion buyout of Suncorp's banking arm. read moreBoth companies reaffirmed their mid-2024 target to execute the deal after the application to the Australian Competition Tribunal, an independent body that reviews ACCC decisions. ACCC acknowledged the companies' move, but declined to comment further. Reporting by John Biju in Bengaluru; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

Persons: Steven Saphore, John Biju, Dhanya Ann Thoppil Organizations: New Zealand Banking Group, ANZ, REUTERS, Suncorp Group, Australian Competition, Consumer Commission, Australian Competition Tribunal, ACCC, Thomson Locations: Australia, Sydney, Bengaluru

☆ Australia's ANZ Group and Suncorp seek review of $3.2 billion deal block
▼ + stars: | 2023-08-25 | by ( ) www.reuters.com time to read: +1 min

☆ ANZ Group reports higher late mortgage payments in stiff market
▼ + stars: | 2023-08-17 | by ( ) www.reuters.com time to read: +2 min

A pedestrian is reflected in the window of a branch of the Australia and New Zealand Banking Group (ANZ) in central Sydney, Australia, October 25, 2017. REUTERS/Steven Saphore/File Photo/File Photo Acquire Licensing RightsSummaryCompanies Reports rise in customer depositsMarginal increase in gross impaired assetsAug 17 (Reuters) - ANZ Group Holdings (ANZ.AX) said on Thursday late mortgage repayments past 90 days edged higher in the June quarter but were still below historic levels while logging higher customer deposits in a stiff market. The country's fourth-largest bank is still dealing with rising financial stress among mortgage customers as higher cash interest rates put pressure on its margins. "Liability portfolio mix continued a shift towards higher interest rate, lower margin, savings accounts and term deposits," ANZ said in a statement. ANZ recorded a continued growth in retail and institutional customer deposits while flagging a marginal rise in its gross impaired assets.

Persons: Steven Saphore, Rishav Chatterjee, Nausheen, Shilpi Majumdar, Sherry Jacob, Phillips Organizations: New Zealand Banking Group, ANZ, REUTERS, ANZ Group Holdings, Thomson Locations: Australia, Sydney, Bengaluru

☆ Australia ANZ-Indeed jobs ads edge 0.4% higher in July
▼ + stars: | 2023-08-07 | by ( ) www.reuters.com time to read: +1 min

A pedestrian is reflected in the window of a branch of the Australia and New Zealand Banking Group (ANZ) in central Sydney, Australia, October 25, 2017. Data from Australia and New Zealand Banking Group (ANZ.AX) and employment website Indeed showed job ads rose 0.4% in July from June, when they fell 2.7%. "There are other signs labour market momentum is starting to slow as the RBA’s 400bp of hikes flow through to economic activity... this suggests we'll see a gradual cooling of the labour market from its very strong starting position." Markets suspect the cash rate is nearing its peak, with futures pricing in an even chance of a further rate hike to 4.35% in December. A majority of economists polled by Reuters expect the RBA could deliver the last hike in the fourth quarter.

Persons: Steven Saphore, Stella Qiu, Shri Navaratnam Organizations: New Zealand Banking Group, ANZ, REUTERS, New Zealand Banking, Reserve Bank of Australia, Reuters, Thomson Locations: Australia, Sydney

☆ SVB deal helps to steady banks amid credit crunch concerns
▼ + stars: | 2023-03-27 | by ( ) www.reuters.com time to read: +5 min

The sudden collapse of tech-focussed SVB earlier this month destabilised the sector and drew some of Europe's biggest banking names into investors' focus. In March, the Stoxx index of European bank shares .SX7P is down more than 18% and the U.S. KBW regional bank index .KRX has lost 21%, with investors on edge about what's next. In Europe, bank bonds are under pressure and credit default swaps, or the cost of insurance against defaults, uneasily high. First Citizens said it would take on assets of $110 billion, deposits of $56 billion and loans of $72 billion, and expand in California. It will share further potential losses with the FDIC and the FDIC retains some $90 billion in securities held for disposal.

☆ ANZ's CEO says banking turmoil has potential to trigger financial crisis
▼ + stars: | 2023-03-26 | by ( ) www.reuters.com time to read: +2 min

SYDNEY, March 27 (Reuters) - Australia and New Zealand Banking Group's (ANZ.AX) CEO said on Monday the latest turmoil in the global banking system had the potential to trigger a financial crisis though it was early to predict it could bring one similar to that in 2008. "It's a crisis for some obviously, but is it a financial crisis, who knows? Yes, it does have the potential to be one," CEO Shayne Elliott said in an interview on the bank's website. But he said it was premature to assume the current condition could result in "another GFC", referring to the global financial crisis around 15 years ago that plunged the world's major advanced economies into their worst recession since the Great Depression in the 1930s. I don't think you can sit here and say, 'Well, that's all done, Silicon Valley Bank and Credit Suisse and, you know, life will go back to normal'.

[1/4] A combination of photographs shows people using automated teller machines (ATMs) at Australia's "Big Four" banks - Australia and New Zealand Banking Group Ltd (bottom R), Commonwealth Bank of Australia (top R), National Australia Bank Ltd (bottom L) and Westpac Banking Corp (top L). REUTERS/StaffSYDNEY, March 17 (Reuters) - An A$300 billion ($201.21 billion) refinancing task for Australia's biggest banks is about to get harder, say analysts, as appetite for new debt shrinks across global markets roiled by concerns about bank stability and liquidity. "Now major banks don't have to hit markets everyday... but ultimately banks can't stay out of the market forever." Refinancing today would add extra 5 to 10 basis points to banks' costs versus a week and a half ago, he added. ($1 = 1.4910 Australian dollars)Reporting by Lewis Jackson and Scott Murdoch; Editing by Simon Cameron-MooreOur Standards: The Thomson Reuters Trust Principles.

☆ Australia's ANZ shareholders approve new holding structure
▼ + stars: | 2022-12-15 | by ( Reuters Staff | ) www.reuters.com time to read: 1 min

FILE PHOTO: A man talks on his phone in front of an ANZ Banking corporation tower in central Sydney, Australia February 20, 2018. REUTERS/Daniel Munoz/File Photo(Reuters) - Australia and New Zealand Banking Group said on Thursday its shareholders voted to establish a new holding company to separate its banking and non-banking businesses into two different groups. The move was initially announced in May, in an effort to prevent non-banking activities from affecting banking customers, a method several global banks have employed. 99.17% of votes were cast in favor of creating the non-operating holding company, ANZ Group Holdings Limited, which is expected to begin trading on the Australian and New Zealand exchanges from Jan. 4, 2023, ANZ said. The new corporate structure will need a court approval before it is implemented, which the bank expects to come by Dec. 19, it added.

☆ Australia's Big Four banks pass c.bank rate hike to home loan customers
▼ + stars: | 2022-12-06 | by ( ) www.reuters.com time to read: +1 min

Dec 6 (Reuters) - All of Australia's "big four" banks said on Tuesday they will raise their home loan rates by a quarter-point, passing on the central bank's eighth rate hike in as many months to their customers in full. Earlier on Tuesday, the Reserve Bank of Australia lifted its cash rate by 25 basis points to a 10-year high of 3.1%, and reiterated that further policy tightening would be needed to contain inflation. The top four lenders, the Commonwealth Bank of Australia (CBA.AX), National Australia Bank (NAB.AX) and Australia and New Zealand Banking Group's (ANZ.AX) will hike their rates from the end of next week, while Westpac Banking Corp's (WBC.AX) hike will be effective December 20, the banks said in separate statements. However, heightened borrowing costs could impact credit demand, housing market, employment and economic growth, posing as challenges to the lenders. Reporting by Rishav Chatterjee and Echha Jain in Bengaluru Editing by Vinay Dwivedi and Nivedita BhattacharjeeOur Standards: The Thomson Reuters Trust Principles.

☆ Australian banking system cushioned for imminent climate change-related risks - regulator
▼ + stars: | 2022-11-30 | by ( ) www.reuters.com time to read: +2 min

Nov 30 (Reuters) - Potential economic downturns caused by climate change could pose risks to the loan books of Australia's top five banks without resulting in any severe stress to the system and the economy, a risk study conducted by the country's banking regulator showed. With global focus sharply pivoting towards climate change, banks have come under increased scrutiny for their ties with fossil fuel projects, prompting them to set goals to cut emissions and raise investments in clean energy projects. These banks have "predicted they would adjust their risk appetite and lending practices, such as cutting back on high loan-to-valuation lending and reducing exposure to higher risk regions and industries", the regulator said. APRA will now consider how the assessment could be applied to other regulated industries and climate-related challenges, it said. ($1 = 1.4948 Australian dollars)Reporting by Sameer Manekar and Tejaswi Marthi in Bengaluru; editing by Uttaresh.V and Subhranshu SahuOur Standards: The Thomson Reuters Trust Principles.

Australia's fourth-largest bank also said it would reduce exposure to its largest carbon-emitting customers that do not improve their emission transition plans by 2025. ANZ also disclosed that it would lower its scope 1 and 2 greenhouse gas emissions by 85% by 2025 and 90% by 2030. "Our exposure to thermal coal will continue to decline in line with our existing commitments, which includes no longer onboarding any new business customers with material thermal coal exposures, or directly financing new thermal coal mines or power plants," ANZ said. In July, Westpac (WBC.AX) unveiled plans to reduce its lending to coal, oil and gas companies by nearly a quarter by 2030 to slash emissions. read more($1 = A$1.4786)Reporting by Tejaswi Marthi and Jaskiran Singh in Bengaluru; Editing by Rashmi Aich and Uttaresh.VOur Standards: The Thomson Reuters Trust Principles.

Nov 14 (Reuters) - Australia and New Zealand Banking Group (ANZ.AX) on Monday said it would contribute A$42 million ($28.10 million) to settle a class action lawsuit brought by law firm Slater & Gordon (SGH.AX) in 2020 over the sale of three consumer credit insurance products. The class action was filed against ANZ, QBE Insurance Australia (QBE.AX), OnePath Life, and OnePath General Insurance alleging that the entities made customers believe their policy payments were "compulsory or provided value to them", according to the law firm's website. ANZ said the settlement contribution is covered by a provision held as of Sept. 30. QBE Insurance, and OnePath Life and OnePath General Insurance, which are indirectly held by Swiss firm Zurich Insurance Group (ZURN.S), did not immediately respond to a Reuters request for comment. ($1 = 1.4948 Australian dollars)Reporting by Sameer Manekar in Bengaluru; editing by Diane CraftOur Standards: The Thomson Reuters Trust Principles.

Nov 14 (Reuters) - Three of Australia's 'big four' banks settled separate class action lawsuits for A$126 million ($84.51 million) with Slater & Gordon (SGH.AX), who took the banks to court two years ago over sale of credit insurance products, the companies said on Monday. Law firm Slater & Gordon in 2020 filed class action lawsuits against Commonwealth Bank of Australia (CBA.AX), Westpac Banking Corp (WBC.AX), and Australia and New Zealand Banking Group (ANZ.AX) on behalf of around one million customers. ANZ, along with QBE Insurance, and OnePath Life and OnePath General Insurance, indirect units of Swiss firm Zurich Insurance Group (ZURN.S), will pay a total of A$47 million to their customers under the settlement, with ANZ contributing A$42 million, Slater & Gordon said. Westpac would pay A$29 million, subject to court's approval. ($1 = 1.4910 Australian dollars)Reporting by Sameer Manekar in Bengaluru; editing by Diane Craft and Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

The banks are now less conservative in counting expected rental income when assessing loan applications, said the four sources. In September, about a third of new bank mortgage lending was for investment. On Nov. 12, NAB will also halve its discount on rental income to 10%, including for Airbnb-like short-term rentals, the sources said. NAB, Westpac and ANZ trail market leader Commonwealth Bank of Australia (CBA.AX), which has a quarter of the mortgage market. Commonwealth continues to apply a rental income discount of 20% on mortgage applications, a sixth source said.

☆ Australia's NAB flags slowing lending growth from rising rates, shares fall
▼ + stars: | 2022-11-09 | by ( Sameer Manekar | ) www.reuters.com time to read: +2 min

[1/2] A National Australia Bank (NAB) logo is pictured on an automated teller machine (ATM) in central Sydney September 12, 2014. The country's second-largest lender also warned that economic uncertainty created by rising interest rates owing to soaring inflation could challenge some customers, however, said it expects strong employment conditions and substantial home and business savings helping it weather the impact. NAB forecasts a steep decline in business and housing lending volumes in fiscal 2023 in Australia, with business credit growth seen decelerating to 3.6% from 14.7% in fiscal 2022. NAB, the country's biggest business lender, recorded strong growth in its business and home lending during the year ended September, with windfall benefit from rising interest rates boosting its cash earnings to A$7.10 billion ($4.62 billion). That compares with A$6.56 billion reported a year earlier and analysts' estimate of A$7.08 billion, according to Refinitiv Eikon.

☆ Australia's Westpac to tap U.S. dollar bond market - term sheet
▼ + stars: | 2022-11-09 | by ( Scott Murdoch | Thomson Reuters | Scott Murdoch Has Been A Journalist For More Than Two Decades Working For Thomson Reuters | ) www.reuters.com time to read: +1 min

SYDNEY, Nov 9 (Reuters) - Australia's Westpac Banking Corp (WBC.AX) has mandated banks to work on two- and five-year U.S. dollar bond issuances, according to a term sheet reviewed by Reuters. Westpac raised A$2.8 billion ($1.82 billion) in an Australian-dollar-denominated bond on Monday, domestic media said. The bank plans to issue in U.S. dollars a two-year fixed rate bond, a two-year floating rate note, and a five-year fixed rate transaction, the term sheet showed. The final pricing is due to be set later in the New York trading session on Wednesday, subject to market conditions, according to the term sheet. Westpac planned to use the U.S. dollar proceeds from the bonds for general corporate purposes, the term sheet showed.

☆ Australian lender Westpac sees profit drop on charge, raises cost target
▼ + stars: | 2022-11-06 | by ( Harshita Swaminathan | ) www.reuters.com time to read: +2 min

3 lender Westpac Banking Corp (WBC.AX) on Monday reported a drop in annual earnings, hit by a charge on the sale of its life insurance unit, and raised cost guidance as it flagged lower home prices and higher unemployment into 2023. Westpac revised its target for costs incurred to A$8.6 billion ($5.52 billion) by fiscal 2024 from a prior target of A$8 billion, citing wage increases from a tight labour market and continued regulatory costs. Westpac's cost target excludes its specialist business and some other items. Analysts at Citi said this implies a total cost base of A$9.2 billion for fiscal year 2024, which consensus estimates have already priced in. Shares of the lender fell over 3% to A$23.38, while the broader market (.AXJO) was up 0.5%.

☆ Australian lender Westpac's profit falls on charge, raises target for costs
▼ + stars: | 2022-11-06 | by ( ) www.reuters.com time to read: +2 min

Westpac also revised its target for costs incurred up to A$8.6 billion by the 2024 financial year, citing wage increases from a tight labour market and continued regulatory costs. The new cost target marks a departure from its A$8 billion by FY24 target set in May 2021, as part of a cost-cutting exercise which analysts had termed "ambitious". However, the bank saw a 19% reduction in annual operating expenses, benefitting from lower asset writedowns and lower staff expenses. read moreWhile its lending margins in the second half did recover slightly from the first half, full-year margins were still down 13 basis points from last year. Westpac declared a final dividend of 64 Australian cents per share, compared with 60 Australian cents last year.

☆ ANZ's annual cash profit rises 5% on home loan boost, higher interest rates
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: +1 min

Oct 27 (Reuters) - Australia and New Zealand Banking Group Ltd (ANZ.AX) on Thursday reported a 5% rise in full-year cash profit as its home loans business improved and higher interest rates boosted margins in the second half. The country's fourth-largest bank has been overhauling its home loan processing capabilities after failing to cash in on a COVID-driven housing boom because of delays in processing applications. Group net interest margin, a key measure of profitability, grew 10 basis points from the first half to 1.68% in the second half of the year. Runaway inflation has pushed the Australian central bank to pursue its most aggressive tightening cycle in decades, boosting margins for banks that had grappled with record-low interest rates for the past two years. ANZ's cash profit from continuing operations was A$6.52 billion ($4.23 billion) for the financial year, beating a Visible Alpha consensus estimate of A$6.31 billion.

☆ ANZ assessed $16 mln fine for withholding account benefits
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: +2 min

Oct 26 (Reuters) - Australia and New Zealand Banking Group (ANZ.AX) was fined A$25 million ($16 million) for failing to provide agreed benefits to certain customers with offset transaction accounts, Australia's market regulator and the lender said on Wednesday. The accounts, offered under ANZ's "Breakfree" package introduced in 2003, provided fee waivers, interest rate discounts on home loans, credit cards and transaction accounts, and other benefits in exchange for an annual fee. ANZ's offset transaction customers were entitled to interest rate reductions on eligible home and commercial loans, which were not always passed on, the ASIC said. "ANZ ... for many years failed to prioritise and deploy the systems and processes necessary to fulfil its obligations." "ANZ accepts that its conduct fell short of expectations and apologises to its customers who have been impacted," the lender said.

☆ ANZ faces $16 mln fine for withholding account benefits for 20 years
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: +1 min

Oct 26 (Reuters) - Australia and New Zealand Banking Group (ANZ.AX) was fined A$25 million ($16 million) for failing to provide agreed benefits to customers with offset transaction accounts under its 'Breakfree' package, Australia's market regulator said on Wednesday. The Breakfree package, introduced in 2003, offered fee waivers, interest rate discounts on home loans, credit cards and transaction accounts and other benefits in exchange for paying an annual fee. ANZ's offset transaction customers were entitled to interest rate reductions on eligible home and commercial loans, which were not always passed on, the ASIC said. "ANZ ... for many years failed to prioritise and deploy the systems and processes necessary to fulfil its obligations." ($1 = 1.5657 Australian dollars)Reporting by Shashwat Awasthi, additional reporting by Harshita Swaminathan; Editing by Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

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