Australia

Australia’s top 4 banks, which include Westpac, hold $1tn loans portfolio in mortgages.

The class action by retiree Elizabeth Saunders and 14 others settled on a confidential basis.

The lender joins 11 others which could face similar suits regarding overcharging of fees.

Yet Prime Minister Julia Gillard stressed local banks have only marginal exposure to the euro-zone woes.

The proposed amendments would allow banks, credit unions and building societies to issue covered bonds in the Australian market.

Most non-bank lenders were absorbed by giant banks after the financial crisis.

The lender keen to woo American investors with Australian mortgages in the belief that foreigners are confident in the Australian housing market.

The lender’s chief believe influx of retail deposits would protect Australian banks against higher funding costs.

The lender gave weight to Grahame Petersen’s strong strategic skills and Annabel Spring’s extensive global banking markets and wealth management experience.

Christine Parker will take over group executive human resources post vacated by Hanlon.

The lender’s decision to sell its UK operations is still pending.

Mandiri Manajemen Investasi’s ties up with AFM Investment Partners to open Indonesia's stock market and bond market to Australians.

The move comes amidst renewed pressure to curb costs as many Australian lenders have seen their revenue decreased.

The lender seen to weather economic storms as it continues to maintain strong capital and liquidity ratios.

The setting up of office will facilitate greater economic, trade and investment flows between Indonesia, Australia and New Zealand.

Full implementation of the new Basel III minimum capital requirements is scheduled for 1 January 2013.