FINANCIAL SERVICES INDUSTRY – AUSTRALIA

Porges to lead P2P lender DirectMoney

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Original article by James Eyers
The Australian Financial Review – Page: 15 & 20 : 17-Mar-15

Peer-to-peer lending group DirectMoney, which offers an average interest rate of 14.75 per cent, aims to list on the Australian sharemarket. Executive chairman Stephen Porges, who was CEO of Aussie Home Loans for five years, expects P2P lenders to put downward pressure on interest rates for personal loans in the same way that Aussie forced lenders to reduce home loan interest rates. DirectMoney was granted an Australian Financial Services Licence on 13 March 2015

CORPORATES
DIRECTMONEY PTY LTD, AUSSIE HOME LOANS LIMITED, LIBERUM CAPITAL LIMITED, EAGLEWOOD CAPITAL MANAGEMENT, SAI GLOBAL LIMITED – ASX SAI, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, SOCIETYONE AUSTRALIA PTY LTD, RATESETTER, THINCATS AUSTRALIA PTY LTD, MARKETLEND PTY LTD, MONEYPLACE, LEND2FUND, CITIBANK PTY LTD, KPMG AUSTRALIA PTY LTD, ADCOCK GROUP MANAGEMENT PTY LTD, MACQUARIE GROUP LIMITED – ASX MQG, WESTPAC BANKING CORPORATION – ASX WBC, IRESS LIMITED – ASX IRE, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, MORTGAGE CHOICE LIMITED – ASX MOC

KKR snares GE Capital arm for $8.2b

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Original article by Sarah Thompson, Sally Patten, Anthony Macdonald
The Australian Financial Review – Page: 13 : 16-Mar-15

The Australasian consumer finance division of GE Capital will be sold to KKR & Company, Deutsche Bank and Varde Partners. The consortium will pay $A8.2bn for the business, whose operations include credit cards, personal loans and sales finance. The KKR-led consortium was one of four groups that made binding bids for the business, which GE put on the market in late 2014

CORPORATES
GE CAPITAL CORPORATION, KKR AND COMPANY LP, KOHLBERG KRAVIS ROBERTS AND COMPANY, DEUTSCHE BANK AG, VARDE PARTNERS INCORPORATED, TPG CAPITAL LP, ONTARIO TEACHERS’ PENSION PLAN, MACQUARIE GROUP LIMITED – ASX MQG, THE BLACKSTONE GROUP LP, LIBERTY FINANCIAL PTY LTD, GOVERNMENT OF SINGAPORE INVESTMENT CORPORATION PTE LTD, APOLLO GLOBAL MANAGEMENT LLC, JC FLOWERS AND COMPANY LLC, PEPPER AUSTRALIA, QATAR INVESTMENT AUTHORITY, CREDIT SUISSE AG, MORGAN STANLEY AND COMPANY INCORPORATED, BANK OF AMERICA CORPORATION, MERRILL LYNCH AND COMPANY INCORPORATED, CITIGROUP INCORPORATED, MOELIS AND COMPANY

Banks to put out welcome mats for the disruptors

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Original article by James Eyers
The Australian Financial Review – Page: 13 & 17 : 4-Mar-15

The New South Wales Government has unveiled plans for a financial technology hub in the Sydney CBD. The Stone & Chalk hub will receive financial backing from a range of companies, including major banks, insurers, retailers and technology groups. The hub will provide financial technology start-ups with subsidised office space and facilities to work with financial and technology companies to further develop their business

CORPORATES
NEW SOUTH WALES. DEPT OF PREMIER AND CABINET, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, WESTPAC BANKING CORPORATION – ASX WBC, AMP LIMITED – ASX AMP, MACQUARIE GROUP LIMITED – ASX MQG, HSBC AUSTRALIA HOLDINGS PTY LTD, SUNCORP BANK, INSURANCE AUSTRALIA GROUP LIMITED – ASX IAG, WOOLWORTHS LIMITED – ASX WOW, VEDA GROUP LIMITED – ASX VED, AMERICAN EXPRESS COMPANY, AMAZON.COM INCORPORATED, INTEL CORPORATION, ORACLE CORPORATION, FINZSOFT SOLUTIONS (AUSTRALIA) PTY LTD, ALLENS, KPMG AUSTRALIA PTY LTD, CAPITAL MARKETS CO-OPERATIVE RESEARCH CENTRE LIMITED, CENTRE FOR INTERNATIONAL FINANCE AND REGULATION, FINANCIAL SERVICES INSTITUTE OF AUSTRALASIA, AWI VENTURES LIMITED, SOCIETYONE AUSTRALIA PTY LTD, LEVEL39, LIBERAL PARTY OF AUSTRALIA

IOOF still on hunt for takeover targets

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Original article by Sally Rose
The Australian Financial Review – Page: 16 : 27-Feb-15

Australian-listed IOOF Holdings has posted a 2014-15 underlying net profit of $A80.58m, which is 39 per cent higher than previously. The financial services group’s statutory net profit rose by 37 per cent to $A65.9m, and revenue was 24 per cent higher at $A458.49m. Shareholders will receive an interim dividend of $A0.25 per share. CEO Chris Kelahar says IOOF is keen for further acquisitions after buying SFG Australia in 2014

CORPORATES
IOOF HOLDINGS LIMITED – ASX IFL, SFG AUSTRALIA LIMITED, JP MORGAN AUSTRALIA LIMITED

Calls for wider inquiry into financial planning

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Original article by Clancy Yeates, Adele Ferguson
The Australian Financial Review – Page: 13 & 16 : 23-Feb-15

The Australian Government is likely to face increased pressure to hold an inquiry in the wake of a new controversy involving financial planners. It has been revealed that 750 customers of National Australia Bank have received compensation for poor advice from its investment advisers over the last five years. Several senators have urged the Government to undertake a royal commission, while Australian Consumers’ Association spokeswoman Erin Turner says there is need for greater transparency in dealing with such scandals

CORPORATES
NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIAN CONSUMERS’ ASSOCIATION, AUSTRALIAN LABOR PARTY, NATIONAL PARTY OF AUSTRALIA, AUSTRALIAN GREENS, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, MACQUARIE PRIVATE WEALTH MANAGEMENT PTY LTD, MACQUARIE GROUP LIMITED – ASX MQG, JBWERE LIMITED, MERITUM FINANCIAL GROUP PTY LTD

Roy Morgan announces 2014 winners of Banking and Finance Satisfaction Awards

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Original article by Roy Morgan Research
Market Research Update – Page: Online : 19-Feb-15

Roy Morgan Research announced the winners of its 2014 Customer Satisfaction Awards for the banking and finance industry on 18 February 2015. P&N Bank was named the Bank of the Year, while the Commonwealth Bank won the award for Major Bank of the Year. Bendigo Bank was named the Business Bank of the Year, Defence Service Homes Insurance took out the award for General Insurer of the Year and ESSSuper received the award for Industry Superannuation Fund of the Year

CORPORATES
ROY MORGAN RESEARCH LIMITED, P&N BANK, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, BENDIGO BANK, BENDIGO AND ADELAIDE BANK LIMITED – ASX BEN, DEFENCE SERVICE HOMES INSURANCE SCHEME, ESSSUPER, GREATER BUILDING SOCIETY LIMITED, PEOPLE’S CHOICE CREDIT UNION, CBHS FRIENDLY SOCIETY LIMITED, INSURANCELINE HOLDINGS PTY LTD, NRMA LIMITED, REST SUPER PTY LTD, WESTPAC BANKING CORPORATION – ASX WBC, PLUM FINANCIAL SERVICES LIMITED

Challenger lifts interim dividend

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Original article by Ruth Liew
The Australian Financial Review – Page: 17 : 18-Feb-15

Listed financial services group Challenger has posted a 2014-15 interim normalised net profit of $A155m, which is five per cent lower than previously. Assets under management rose by 17 per cent to $A57.2bn, and shareholders will receive an interim dividend of $A0.145 per share. Challenger aims for growth of 11-13 per cent in sales of its annuity products for 2014-15

CORPORATES
CHALLENGER LIMITED – ASX CGF, COLONIAL FIRST STATE GROUP LIMITED, VICSUPER PTY LTD, CREDIT SUISSE (AUSTRALIA) LIMITED, AUSTRALIA. DEPT OF SOCIAL SERVICES

Good news expected for Macquarie Group

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Original article by Joyce Moullakis
The Australian Financial Review – Page: 21 : 17-Feb-15

Macquarie Group is tipped to post a 2014-15 profit of $A1.46bn, and there has been speculation that the group could again upgrade its earnings forecast. Macquarie upgraded its full-year earnings guidance in January, due to factors such as the lower Australian dollar and a high level of volatility in commodity prices. Macquarie posted a profit of $A1.27bn for the year to 31 March 2014. Its shares have gained 17.5 per cent so far in 2015

CORPORATES
MACQUARIE GROUP LIMITED – ASX MQG, MORGAN STANLEY AUSTRALIA LIMITED, MACQUARIE PRIVATE WEALTH MANAGEMENT PTY LTD, STANDARD AND POOR’S ASX 200 FINANCIALS INDEX, ARNHEM INVESTMENT MANAGEMENT PTY LTD, GE CAPITAL CORPORATION, JEFFERIES LLC, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION

Class actions: firms warned

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Original article by Marianna Papadakis
The Australian Financial Review – Page: 3 : 23-Jan-15

The Australian class actions market is likely to grow. Herbert Smith Freehills partner Jason Betts says the profitability of the funding model makes the sector attractive to foreign litigation funders. Andrew Watson, the head of class actions at Maurice Blackburn, expects more such suits on behalf of investors

CORPORATES
IMF BENTHAM LIMITED – ASX IMF, AUSNET SERVICES LIMITED – ASX AST, LITIGATION FUNDING PARTNERS, HERBERT SMITH FREEHILLS PTY LTD, ALLCO FINANCE GROUP LIMITED, MAURICE BLACKBURN PTY LTD, KING AND WOOD MALLESONS, HARBOUR LITIGATION FUNDING LIMITED, COMPREHENSIVE LEGAL FUNDING LLC, AUSTRALIA. PRODUCTIVITY COMMISSION

Murray report to lead to more M&A activity

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Original article by Michael Bennet
The Australian – Page: 20 : 22-Jan-15

Data from Thomson Reuters shows that the value of mergers and acquisitions in Australia’s financial services sector topped $US54bn in 2014, which is 52 per cent higher than previously. Meanwhile, the value of equity capital market deals rose by 14 per cent to $US5bn. Market watchers anticipate further deal-making activity in 2015, with some citing the upcoming release of the final report of the financial system inquiry as a key factor

CORPORATES
THOMSON REUTERS PLC, WESFARMERS LIMITED – ASX WES, MEDIBANK PRIVATE LIMITED – ASX MPL, QBE INSURANCE GROUP LIMITED – ASX QBE, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, ESANDA FINANCE CORPORATION LIMITED, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, LLOYDS BANKING GROUP PLC, INVESTEC BANK (AUSTRALIA) LIMITED, GE CAPITAL AUSTRALIA, MORGAN STANLEY AUSTRALIA LIMITED, WESTPAC BANKING CORPORATION – ASX WBC, ST GEORGE BANK LIMITED, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, BANK OF WESTERN AUSTRALIA LIMITED, AMP LIMITED – ASX AMP, AXA ASIA PACIFIC HOLDINGS LIMITED, CREDIT SUISSE (AUSTRALIA) LIMITED, GOLDMAN SACHS AND PARTNERS AUSTRALIA PTY LTD, CITIGROUP PTY LTD, CLYDESDALE BANK PLC, INSURANCE AUSTRALIA GROUP LIMITED – ASX IAG, IOOF HOLDINGS LIMITED – ASX IFL, SFG AUSTRALIA LIMITED