BANKS AND BANKING – AUSTRALIA

Apple Pay to take bite at big three banks

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Original article by James Eyers
The Australian Financial Review – Page: 1 & 30 : 10-Feb-17

Macquarie Bank and ING Direct customers will have access to the Apple Pay service by the end of February 2017, but the ANZ Bank is the only "big four" bank that currently offers it. The head of Apple Pay, Jennifer Bailey, warns that the Commonwealth Bank, Westpac and National Australia Bank risk losing customers unless they embrace the global payments system. ANZ Bank has indicated that about 26 per cent of its customers use Apple Pay, while Bailey notes that Australians are now the biggest users of the service.

CORPORATES
APPLE PAY, APPLE INCORPORATED, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, WESTPAC BANKING CORPORATION – ASX WBC, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, MACQUARIE BANK LIMITED – ASX MBL, ING DIRECT, BENDIGO AND ADELAIDE BANK LIMITED – ASX BEN, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION

Satisfaction with big four banks up in December but high-value customers left well behind for satisfaction and advocacy

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Original article by Roy Morgan Research
Market Research Update – Page: Online : 8-Feb-17

A Roy Morgan Research Single Source survey has found that the satisfaction level of personal customers of Australia’s four major banks was 79.9% in the six months to December 2016, compared with 79.5% in November. However, the top-quintile customers (top 20%), who account for 62.9% of the total value of the financial services market across all banking and wealth-management products, had the lowest satisfaction level of all the quintiles (73.4%) and the lowest level of advocacy with a "net promoter score" (NPS3) of minus 23.9. The Commonwealth Bank had the highest satisfaction rating among top-quintile customers (75.6%), although the smaller Teachers Mutual Bank had the highest satisfaction rating among these customers, at 96.1%.

CORPORATES
ROY MORGAN RESEARCH LIMITED, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, WESTPAC BANKING CORPORATION – ASX WBC, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, TEACHERS MUTUAL BANK LIMITED, BENDIGO BANK, ING DIRECT

NAB client data sent to adult website owner

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Original article by James Frost
The Australian Financial Review – Page: 17 : 10-Jan-17

An error at National Australia Bank (NAB) has resulted in the transfer of the personal details of 60,000 clients to David Weissenberg’s Real Assets Limited. The business owns domain names of a sexual nature such as sexpornhost.com, porncocktail.com, supersleazy.com and adultorientatedmaterial.com. NAB has reported that Weissenberg responded positively to the bank’s request to correct the error.

CORPORATES
NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, REAL ASSETS LIMITED

Banks a mixed bag for investors

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Original article by Michael Bennet
The Australian – Page: 15 : 9-Jan-17

Morgan Stanley estimates that the ANZ Bank achieved a total shareholder return of 15.7 per cent in calendar 2016, ahead of National Australia Bank with 12.9 per cent. Westpac and the Commonwealth Bank boasted total shareholder returns of 3.2 per cent and 1.9 per cent respectively. The Commonwealth Bank was the top performer over a three-year period, with a TSR of 24.6 per cent. Meanwhile, Macquarie Group forecasts that National Australia Bank will perform best in 2017, with a TSR of 12.8 per cent.

CORPORATES
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, WESTPAC BANKING CORPORATION – ASX WBC, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, MORGAN STANLEY AUSTRALIA LIMITED, BENDIGO AND ADELAIDE BANK LIMITED – ASX BEN, BANK OF QUEENSLAND LIMITED – ASX BOQ, STANDARD AND POOR’S ASX 200 ACCUMULATION INDEX, REGAL FUNDS MANAGEMENT PTY LTD, BANK FOR INTERNATIONAL SETTLEMENTS. BASEL COMMITTEE ON BANKING SUPERVISION, MACQUARIE GROUP LIMITED – ASX MQG, MORNINGSTAR PTY LTD, CLSA AUSTRALIA PTY LTD, GOLDMAN SACHS AND PARTNERS AUSTRALIA PTY LTD, CREDIT SUISSE (AUSTRALIA) LIMITED

are still dragging satisfaction levels down

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Original article by Roy Morgan Research
Market Research Update – Page: online : 5-Jan-17

A Roy Morgan Single Source survey has found that banking using an app on a mobile phone or tablet is now more popular than using branches, with 38.8% of Australians using it in an average four-week period, compared with only 28.2% for branches. Satisfaction is a major driver of this trend with 90.7% satisfaction with mobile banking among the big four, compared to 84.8% satisfaction with branches. With a 93.8% satisfaction rate among its mobile banking customers, the CBA has the highest satisfaction of the 10 major banks and has improved by 2.2% points over the last 12 months. Bendigo Bank is a close second with 93.4%, followed by ING Direct on 92.7%. The remainder of the big four banks were well below this top group with ANZ on 88.4%, NAB on 88.0% and Westpac on 87.7%.

CORPORATES
ROY MORGAN RESEARCH LIMITED, BANK OF QUEENSLAND LIMITED – ASX BOQ, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, WESTPAC BANKING CORPORATION – ASX WBC, GREATER BANK LIMITED, BENDIGO AND ADELAIDE BANK LIMITED – ASX BEN, ING DIRECT, SUNCORP BANK, ST GEORGE BANK LIMITED, BANK OF WESTERN AUSTRALIA LIMITED

ANZ leads in the big four investing game

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Original article by Tony Boyd
The Australian Financial Review – Page: 40 : 4-Jan-17

The ANZ Banking Group is selling its 20 per cent stake in the Shanghai Rural Commercial Bank for $A1.8 billion. The transaction will have a positive effect on the bank’s common equity tier 1 capital ratio, raising it to the highest level among Australia’s big four banks. Shareholders have reasons to be satisfied. The bank is likely to increase its return on equity.

CORPORATES
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, SHANGHAI RURAL COMMERCIAL BANK, ESANDA FINANCE CORPORATION LIMITED, MACQUARIE GROUP LIMITED – ASX MQG, DBS GROUP HOLDINGS LIMITED, WESTPAC BANKING CORPORATION – ASX WBC, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA

ANZ fires up Asia exit in $1.8b sale

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Original article by James Frost
The Australian Financial Review – Page: 1 : 4-Jan-17

ANZ Banking Group is retreating from Asia, with the latest transaction being the sale of its 20 per cent stake in Shanghai Rural Commercial Bank for $A1.8 billion. The stake is being acquired in two equal tranches by China COSCO Shipping Corporation and Shanghai Sino Poland Enterprise Management Development Corporation. The sale will result in a rise in ANZ’s tier one capital ratio from 9.6 per cent to 10 per cent.

CORPORATES
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, SHANGHAI RURAL COMMERCIAL BANK, ESANDA FINANCE CORPORATION LIMITED, MACQUARIE GROUP LIMITED – ASX MQG, DBS GROUP HOLDINGS LIMITED, CHINA COSCO SHIPPING CORPORATION, SHANGHAI SINO POLAND ENTERPRISE MANAGEMENT DEVELOPMENT CORPORATION, BANK OF TIANJIN COMPANY LIMITED, AMBANK BERHAD

Westpac subsidiary taken to court on super advice

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Original article by Lucy Battersby
The Age – Page: 19 : 23-Dec-16

The Australian Securities & Investments Commission has launched legal action against Westpac Securities Administration Limited (WSAL) and BT Funds Management (BTFM). ASIC alleges in documents filed with the Federal Court’s New South Wales registry on 21 December 2016 that WSAL and BTFM breached the "best interests duty" regulations on 15 occasions during a sales campaign promoting superannuation products.

CORPORATES
AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, FEDERAL COURT OF AUSTRALIA, WESTPAC SECURITISIES ADMINISTRATION LIMITED, BT FUNDS MANAGEMENT

Lenders see sanity return to home loans

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Original article by Michael Bennet
The Australian – Page: 15 & 18 : 19-Dec-16

Bendigo & Adelaide Bank CEO Mike Hirst notes that Australia’s four major banks are offering smaller discounts on mortgage interest rates than in the first half of 2016. He adds that the banks would have struggled to achieve a good return on these loans given the size of some discounts. Credit Union Australia CEO Rob Goudswaard expects a rise in mortgage interest rates after a period of intense competition. He also does anticipate a rise in the cash rate in 2017.

CORPORATES
BENDIGO AND ADELAIDE BANK LIMITED – ASX BEN, CREDIT UNION AUSTRALIA LIMITED, BANK OF QUEENSLAND LIMITED – ASX BOQ, LIBERTY FINANCIAL PTY LTD, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, RESERVE BANK OF AUSTRALIA, UNITED STATES. FEDERAL RESERVE BOARD, CREDIT SUISSE (AUSTRALIA) LIMITED, DIGITAL FINANCE ANALYTICS, DEUTSCHE BANK AG

Schwartz to replace Ridout on RBA board

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Original article by David Crowe
The Australian – Page: 19 : 16-Dec-16

Businesswoman and philanthropist Carol Schwartz will take up a five-year appointment on the Reserve Bank of Australia’s board in February 2017. Schwartz owns a property development company and is a director of the listed Stockland. Heather Ridout will step down from the RBA board after five years. The Federal Government has also appointed new members to agencies such as the Productivity Commission and the Administrative Appeals Tribunal.

CORPORATES
RESERVE BANK OF AUSTRALIA, STOCKLAND – ASX SGP, QUALITAS PROPERTY PARTNERS PTY LTD, AUSTRALIA. PRODUCTIVITY COMMISSION, AUSTRALIA. ADMINISTRATIVE APPEALS TRIBUNAL, AUDITING AND ASSURANCE STANDARDS BOARD, PAYMENTS SYSTEM BOARD, SUSSAN CORPORATION (AUST) PTY LTD, BANK OF MELBOURNE LIMITED, WOMEN’S LEADERSHIP INSTITUTE AUSTRALIA, AUSTRALIA. DEPT OF THE TREASURY, THE AUSTRALIAN INDUSTRY GROUP, AUSTRALIANSUPER PTY LTD, ASX LIMITED – ASX ASX, AUSTRALIAN LABOR PARTY, HIGGINS 200 CLUB