Financial Services

Brisbane-based Firstmac Holdings said today it would not extend its cash takeover offer for Goldfields Money, which has recommended shareholders support an alternative scrip-based merger with mortgage aggregator Finsure.

Westpac Bank has absorbed the Western Australian business banking operations of its wholly-owned subsidiary St George Bank, adding to a string of changes in the sector.

The banking regulator is still concerned about the size of the mortgages being taken on by consumers despite the effectiveness of its efforts to curtail housing market risks.

ATM operator Stargroup has been placed in the hands of insolvency firm KordaMentha after the loss-making company was unable to complete a restructure of its $9.1 million debt.

Sodexo’s acquisition of Morris Corporation has pushed it up the ranking of big facilities management companies in Western Australia at a time when its competitors have been battling with the slowdown in large projects in the Pilbara.

A new capital markets platform that has backers from accounting firm BDO, law firm Steinepreis Paganin, and property group CrowdfundUP plans to target both traditional capital raising deals and the new field of equity crowdfunding.

There’s plenty of talk about the need for ‘resilience’ these days, but WA Super CEO Fabian Ross learned that lesson long ago.

The share market has closed higher as takeover speculation fueled a big gain for gas giant Santos and other sectors recovered from early weakness.

The share market is following a negative lead from overseas markets, weighed down by weakness among miners and banks.

Treasurer Ben Wyatt has kept open the possibility of a bank tax in Western Australia, after South Australian Premier Jay Weatherill today quietly dropped his state’s planned tax on the five biggest financial institutions.

The materials and energy sectors are under pressure in early trade as the Australian share market continues to reverse its climb past 6,000 points.

The board of Kalgoorlie-based bank Goldfields Money has knocked back a fresh takeover bid from Brisbane financial business Firstmac Holdings, which valued the company at $1.27 per share.

Citibank will refund customers more than $4.3 million after failing to give back outstanding credit card balances, and providing misleading statements about unauthorised transactions. 

The federal government has announced it will adopt a host of Senate committee recommendations aimed at improving mutual and cooperative firms’ ability to raise capital.

The Australian Securities and Investments Commission has banned a former Perth-based financial adviser from providing financial services for 10 years, while an ex-Commonwealth Bank financial planne

Former stockbroker Lewis Fellowes has been sentenced to three years’ imprisonment after pleading guilty to three dishonesty charges, but has been spared prison time after entering into a $30,000, five-year good behaviour bond.

Westpac has lifted its full-year profit 3 per cent to $8.062 billion, boosted by 6 per cent growth in Australian mortgages.

National Australia Bank will cut 4,000 jobs over the next three years even though it lifted full-year cash profit 2.5 per cent to $6.6 billion.

Macquarie Group's board has approved an on-market buyback of up to $1 billion after posting a first-half profit of $1.25 billion.

ANZ Banking Group chief executive Shayne Elliott says the lender is watching its mortgage book "like a hawk" for signs of stress as households rack up record debt to meet rising house prices.

National Australia Bank chief executive Andrew Thorburn insists the bank lifted interest-only mortgage rates to meet regulatory requirements, not to make more money.

Westpac is refunding about $65 million to 200,000 customers who did not receive discounts on insurance and other products to which they were entitled.

ANZ Banking Group will sell its superannuation and some financial planning businesses to financial services group IOOF for $975 million as it continues to weigh how best to offload life insurance.

ASX-listed financial institution Goldfields Money has received a takeover offer from its largest shareholder, which values the target at about $25 million.

Bank of Queensland has lifted its full-year cash profit 5 per cent to $378 million, delivering shareholders a surprise special dividend on stronger second-half lending growth.

Bankwest has launched an initiative in Western Australia aimed at building stronger networks with the Asian community in Perth.

OPINION: With a touch of irony, the central bank governor fires a warning shot in mortgage-stressed WA that rates will rise.

Federal Court proceedings have been issued in the shareholder class action against Commonwealth Bank of Australia, which is being funded by Perth-based IMF Bentham.

Commonwealth Bank of Australia has sold its trans-Tasman life insurance businesses, CommInsure Life and Sovereign Assurance, for $A3.8 billion ($4.15 billion) to global insurer AIA Group.

Gascoyne Resources has mandated two of Australia's largest banks to arrange a $60 million debt facility for the development of its Dalgaranga gold project in the Murchison region.

Australia's financial sector regulator has appointed three panel members to inquire into the Commonwealth Bank of Australia's governance, culture and accountability.

The Reserve Bank of Australia has kept the official cash rate on hold at 1.5 per cent and repeated its concern that an appreciating Australian dollar could slow economic growth.