BANKS AND BANKING – AUSTRALIA

Business satisfaction with banks reaches new high – but big four lag behind smaller banks

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Original article by Roy Morgan Research
Market Research Update – Page: Online : 13-Jan-15

A Roy Morgan Research Business Single Source survey has found that the satisfaction level of the business customers of Australia’s four major banks was 67.6 per cent in the six months to November 2014. Satisfaction with non-big four banks was 72.2 per cent. The overall satisfaction level of Australian business banking customers is at a record high of 69.6 per cent, compared with 61.4 per cent in 2010. Westpac had the highest satisfaction rating in November (71.6 per cent). Meanwhile, the satisfaction level of the personal customers of Australian banks is now 82.8 per cent, a 6.5 per cent increase since 2010

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

Bank profits to slow, says Fitch

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Original article by Clancy Yeates
The Australian Financial Review – Page: 15 : 13-Jan-15

Fitch Ratings notes that a decline in bad debts has contributed to the growth of Australian banks’ profits in recent years. However, a new report from Fitch warns that the banks are likely to face a rise in bad debts in 2015, which will result in lower profit growth. Factor such as rising competition in the home loans sector will also adversely affect growth in earnings

CORPORATES
FITCH RATINGS 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, UBS HOLDINGS PTY LTD, JP MORGAN AUSTRALIA LIMITED, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, AUSTRALIAN BUREAU OF STATISTICS

Charges laid over $110m loan fraud

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Original article by Chris Vedelago, Georgia Wilkins
The Australian Financial Review – Page: 5 : 7-Jan-15

The Australian Securities & Investments Commission has issued details on a case of two men allegedly committing fraud against the four main banks and other mortgage lenders. It is being claimed that the accused used the Footscray branch of Myra Financial Services to lodge loan applications with sham documents, causing a loss of a total $A110m across 350 mortgages. Prison terms of up to 15 years each may be imposed, on a charge of obtaining financial advantage by deception

CORPORATES
MYRA FINANCIAL SERVICES, WESTPAC BANKING CORPORATION – ASX WBC, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, CIGNA FINANCIAL PTY LTD, AUSTRALIAN FINANCE GROUP PTY LTD, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, MELBOURNE MAGISTRATES’ COURT, PREMIUM FINANCIAL SERVICES, RAMS HOME LOANS PTY LTD

ASIC in probe of senior trader

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Original article by Leo Shanahan
The Australian – Page: 16 : 6-Jan-15

The alleged manipulation of the bank bill swap rate by financial institutions, including ANZ Bank, is being looked into by the Australian Securities & Investments Commission. Seven ANZ staff were stood aside on full pay by the bank in November 2014, pending the outcome of the inquiry. It has now emerged that among those accused of wrongdoing is interest rate derivatives pricing executive Paul Woodward, who joined ANZ from Deutsche Bank in 2008. Balance sheet trading head Etienne Alexiou is said to be another of the seven

CORPORATES
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, DEUTSCHE BANK AG, AUSTRALIAN FINANCIAL MARKETS ASSOCIATION INCORPORATED, ROYAL BANK OF SCOTLAND GROUP PLC, UBS AG, BNP PARIBAS SA

Sutton to take helm at BoQ

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Original article by Tony Boyd, Ruth Liew, Sarah Thompson
The Australian Financial Review – Page: 1 & 4 : 5-Jan-15

Sources at the Bank of Queensland (BoQ) have indicated that Jon Sutton will become the permanent successor to former CEO Stuart Grimshaw. Sutton has been acting CEO since August 2014, and joined BoQ in July 2012. His previous roles have included the MD of Bankwest and the executive GM of Commonwealth Bank Agribusiness. BoQ increased its cash profit by 20 per cent in fiscal 2014, to $A301.2m. Its share price has gained around 60 per cent over the last two years

CORPORATES
BANK OF QUEENSLAND LIMITED – ASX BOQ, BANK OF WESTERN AUSTRALIA LIMITED, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, SUNCORP GROUP LIMITED – ASX SUN, ST GEORGE BANK LIMITED, WESTPAC BANKING CORPORATION – ASX WBC, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, EZCORP INCORPORATED, VIRGIN MONEY (AUSTRALIA) PTY LTD, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, INVESTEC BANK (AUSTRALIA) LIMITED

Consumer satisfaction with banks in November the highest in nearly two decades

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Original article by Roy Morgan Research
Market Research Update – Page: Online : 16-Dec-14

A Roy Morgan Single Source survey has found that the satisfaction level of the personal customers of Australian banks rose by 0.2 per cent to a record 82.8 per cent in November 2014. The Commonwealth Bank had the highest personal customer satisfaction rating of the four major banks in the six months to November, at 81.8 per cent. However, ING Direct (89.4 per cent) and Bendigo Bank (89 per cent) boasted the highest customer satisfaction rating of the nation’s 10 largest banks, while Bankwest had the highest level of customer satisfaction for internet banking services

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, ING DIRECT, BENDIGO AND ADELAIDE BANK LIMITED – ASX BEN, BANK OF WESTERN AUSTRALIA LIMITED, SUNCORP BANK, SUNCORP GROUP LIMITED – ASX SUN, ST GEORGE BANK LIMITED

CBA shuffles executive ranks

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Original article by Michael Bennet
The Australian – Page: 23 : 2-Dec-14

The successor to Grahame Petersen as group executive for business and private banking at Commonwealth Bank of Australia (CBA) has been announced. Adam Bennett joined CBA in 2004 from consultancy AT Kearney to work in the IT division, and served as CIO during the core banking system overhaul that experts say has allowed CBA to become the leader in the use of banking technology solutions. The business banking unit is the second largest at CBA after retail banking

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AT KEARNEY AUSTRALIA PTY LTD, DEUTSCHE BANK AG, MACQUARIE GROUP LIMITED – ASX MQG

CBA backs university’s quantum leap

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Original article by Paul Smith
The Australian Financial Review – Page: 19 : 2-Dec-14

Research into the development of quantum computers at the University of New South Wales has been given a boost via a $A5m investment by the Commonwealth Bank. Michelle Simmons, the head of the university’s Centre for Quantum Computation & Communication Technology, says the investment will help Australia to maintain its status as a world leader in the technology. She is also hoping for financial support from the Federal Government

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, UNIVERSITY OF NEW SOUTH WALES. CENTRE FOR QUANTUM COMPUTATION AND COMMUNICATION TECHNOLOGY

Medibank IPO fee pool not as lucrative for key bankers

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Original article by Joyce Moullakis
The Australian Financial Review – Page: 13 & 18 : 25-Nov-14

The three banks that were lead managers for the $A5.7bn IPO of Medibank Private will be collectively paid $A19.7m in fees. They will each receive a base management fee of $A5m, as well as incentive fees. The total fees associated with the IPO tops $A36m when the fees paid to law firms and other advisers are taken into account. IPOs of government-owned businesses are typically less lucrative for bankers, but they tend to be attracted to such floats for the prestige and the potential for similar work in the future

CORPORATES
MEDIBANK PRIVATE LIMITED – ASX MPL, MACQUARIE GROUP LIMITED – ASX MQG, GOLDMAN SACHS AND PARTNERS AUSTRALIA PTY LTD, DEUTSCHE BANK AG, AURIZON HOLDINGS LIMITED – ASX AZJ, TELSTRA CORPORATION LIMITED – ASX TLS, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, LAZARD PTY LTD, REUNION CAPITAL PARTNERS PTY LTD, HERBERT SMITH FREEHILLS PTY LTD, KING AND WOOD MALLESONS, ERNST AND YOUNG, DELOITTE TOUCHE TOHMATSU LIMITED, BELL POTTER SECURITIES LIMITED, BELL FINANCIAL GROUP LIMITED – ASX BFG, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, MORGANS FINANCIAL LIMITED, UBS WEALTH MANAGEMENT AUSTRALIA LIMITED, ARNHEM INVESTMENT MANAGEMENT PTY LTD

Westpac scores highest satisfaction of the big four banks for personal and business customers

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Original article by Roy Morgan Research
Market Research Update – Page: Online : 19-Nov-14

A Roy Morgan Single Source survey has found that the satisfaction level of the personal customers of Australian banks rose by 0.2 per cent to a record 82.6 per cent in October 2014. Westpac had the highest personal customer satisfaction rating of the four major banks in the six months to October, at 81.5 per cent, ahead of the Commonwealth Bank (81.2 per cent). Westpac also had the highest satisfaction rating among business customers (72.3 per cent), followed by National Australia Bank (69 per cent)

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