Australia

Moving towards a tax level playing field for Islamic finance

The review of tax treatment of Islamic Finance products is one of the main tax recommendation of the Report on Australia as a Financial Centre.

Moving towards a tax level playing field for Islamic finance

The review of tax treatment of Islamic Finance products is one of the main tax recommendation of the Report on Australia as a Financial Centre.

ANZ Bank starts issuing renminbi bonds in HK

The issuance is the lender's first Hong Kong RMB offshore bonds oversubscribed 6 times.

National Australia Bank unveils Android banking app

The lender, however, has disabled the ability to add new payees directly from the application.

National Australia Bank may divest Clydesdale Bank

The Australian lender wants to concentrate on its core businesses at home while selling the “deadweight” British lender.

Commonwealth Bank suffers file processing glitch

The technical malfunction affected about 5% of the bank's 11mln business and retail customers.

ANZ to transfer more jobs offshore

The bank employs more Bangalore and Manila workers to take advantage of cheaper labor costs.

5,000 customers applying for National Australia Bank compensation

The claims seek to recover any third-party costs customers face from online transactions following technical failure.

Basel III and its implications for the world banking system

Financial institutions around the globe watched closely on the G20 Seoul Summit.

Westpac seeks raising $6.64bln in Europe

The bank had to source funds by covered bonds elsewhere since they are banned in Australia.

Watch out for Bank Levy

Although Australia has specifically rejected the idea of a global bank levy to help defray the costs of past and future financial sector bailouts, local institutions could still be caught by bank levies imposed elsewhere.

ANZ quits bidding for Korean Exchange Bank takeover

Move brought relief to ANZ’s investors, who were nervous about the capital needed to fund the acquisition.

NAB shareholders target $442mln in US subprime suit

Shareholders sued the bank for failing to report exposure and risk of losses from subprime mortgage exposure.

NAB mobile banking transactions up 200%

Australian banks’ move to enable consumers to download their apps for free to check bank or savings account balances spurred mobile transaction growth.

Commonwealth Bank sees customer leaving over interest rate hike

The bank raised its home loan rate by almost double the Reserve Bank's interest 0.25% official rate rise to fund its increasing costs.

30,000 customers files class action versus ANZ

The lender is among those in Australia that face $50mln charge for alleged illegal fees.

Westpac full year profit up 84% to $6.5bln

A sharp decrease in impairment or bad loan charges drove the lender’s profit up.

ANZ keen on expanding in India

The lender plans to open a full-service branch geared to the institutional and markets business.