Capital in short supply in 2009 Dec 31, 2008
As National Australia Bank Ltd's (NAB) chief executive of Australian operations Ahmed Fahour prepares to vacate his post to become NAB's corporate trouble-shooter, he told AAP: "What we've moved from is a financial crisis full of red ink to the real economy. That's the issue between 2008 and 2009.". "Clearly what is now starting to emerge is many businesses and individuals around the world are starting to find high leverage levels are quite difficult to sustain."So you have a massive... (Sydney Morning Herald -- Business)
Stocks post worst ever year Dec 31, 2008
In the banking sector, National Australia Bank was one cent higher at $20. 87, Westpac improved 34 cents to $16. (Sydney Morning Herald)
Market closes higher, led by resources Dec 30, 2008
" Mr Taylor said that with the tension overseas, investors were looking for a safe, easy place in which to put their money and gold was one of them. Energy stocks gained after the price of oil for February delivery rose $US2.31, or 6.15%, to $US40.02 a barrel in New York on Monday. Woodside Petroleum rose $1.16, or 3.34%, to $35.93, Santos improved 10 cents to $14.20, and Oil Search found 19 cents at $4.59. Coal seam gas explorer Eastern Star Gas was off 5.5 cents at 63.5 cents as it said it had... (Sydney Morning Herald -- Business)
Commbank takes a firmer grip on mortgage market Dec 30, 2008
National Australia Bank took an early look and almost pulled off a deal a little while back. But then the latest stage of the global financial crisis intervened and NAB stood back, partly in expectation that Wizard might become cheaper to buy as GE got increasingly desperate. (Sydney Morning Herald -- Business)
Australia shares rise 0.9% as worst year ever looms Dec 30, 2008
National Australia Bank Ltd, the nation's top. lender, eased 0. (Forbes)
Symond snatched Wizard from NAB Dec 27, 2008
A last minute intervention by John Symond saw a joint bid by his Aussie Home Loans business and the Commonwealth Bank snatch Wizard Home Loans from the grasp of National Australia Bank, it emerged yesterday. NAB's announcement last week that it was in advanced talks with Wizard's owner, GE Money, to buy one of the last remaining big non-bank home loan suppliers alerted Mr Symond to the prospect that a Commonwealth Bank-backed deal could deliver Aussie's one-time rival into his hands. (The Age, Australia -- Business)
Rolling in dough one day, bankrupt the next Dec 26, 2008
She also owes "an unknown amount" to Babcock and Brown, the National Australia Bank and Equity Trust. Mimi's troubles wound up in court when she failed to pay $116,540 in architecture fees for a Gold Coast property development called Aspect on Burleigh. (Melbourne Herald Sun)
Tenant internet connects people Dec 26, 2008
Microsoft has supplied software, companies such as the ANZ Bank, National Australia Bank and Telstra have provided training, and money has come from the Office of Housing and the Victorian Community Support Fund. Global management firm AT Kearney, one of the project's sponsors, has offered to undertake a cost-benefit analysis. (Sydney Morning Herald -- Technology)
Tenant internet connects broader band of people Dec 26, 2008
Microsoft has supplied software, companies such as the ANZ Bank, National Australia Bank and Telstra have provided training, and money has come from the Office of Housing and the Victorian Community Support Fund. Global management firm AT Kearney, one of the project's sponsors, has offered to undertake a cost-benefit analysis. (Sydney Morning Herald -- Technology)
Tenant internet connects broader band of people Dec 26, 2008
Microsoft has supplied software, companies such as the ANZ Bank, National Australia Bank and Telstra have provided training, and money has come from the Office of Housing and the Victorian Community Support Fund. Global management firm AT Kearney, one of the project's sponsors, has offered to undertake a cost-benefit analysis. (Sydney Morning Herald -- Technology)
All I want for Christmas is . . . my job! Dec 25, 2008
The answers ranged from 70-100 per cent, with an average of 88 per cent. The 11 respondents came from institutions including National Australia Bank Ltd, Aberdeen Asset Management, ABN Amro, Societe Generale, Commonwealth Bank of Australia, Australia and New Zealand Banking Group Ltd and Deutsche Bank. - Reuters. (AsiaOne)
INSIDE THE MARKETS: Australian companies feeling credit crunch Dec 23, 2008
"Foreign banks have sizable exposure to real estate, and if they decided to pull back from that sector, it would be a challenge," said Joseph Healy, executive general manager for business and private banking at National Australia Bank. In the retailing sector, Wesfarmers is considered to be facing the most pressure, having bought the major Australian supermarket group Coles and the retailers Target, Kmart and Officeworks for 19 billion Australian dollars at the top of the market last year. (International Herald Tribune -- Business)
BHP, Rio and HFA drag shares lower Dec 23, 2008
26, while National Australia Bank gave up one cent to $19. 60. (The Australian)
Bad bank debts turn up the heat Dec 22, 2008
Mr le Mesurier downgraded his recommendation on Westpac, National Australia Bank and ANZ, warning that likely higher bad debt charges had not yet been factored into their share prices. Commonwealth Bank was left unchanged, given its 56 per cent share price slump largely factors in most of the bad debt increase. (Sydney Morning Herald -- Business)
Banks, resources drag on market Dec 22, 2008
Among the major banks, National Australia Bank dumped 39 cents at $19. 61, ANZ gained 22 cents at $14. (Sydney Morning Herald -- Business)
Share slide becomes run of the mill Dec 21, 2008
Sources close to the deal said discussions between PaperlinX and the lending group - including Commonwealth Bank, Westpac, National Australia Bank, ANZ, Deutsche Bank and HSBC - were not "crisis talks". "Many of the concerns surrounding the risks have been satisfied, but a few issues still need to be worked through this week," the source said. (Sydney Morning Herald -- Business)
Top banker role a one-way ticket to retirement Dec 21, 2008
The impending departure of John Stewart from the hot seat at National Australia Bank has opened up a vacancy at the very top of the industry's lobbying group, the Australian Bankers Association - a job which has tended to go in a Buggins-kind of turn to one of the "Big Four" chief executives. That post is the ABA chairmanship, a somewhat unenviable (albeit important) role in representing an industry which dominates so many consumers' lives. (Sydney Morning Herald -- Business)
Westpac executive has questions Dec 21, 2008
That had been considered more than comfortable by the bank until two of Westpac's big rivals, ANZ and National Australia Bank, recently undertook different capital raising exercises that took both of their Tier One capital levels to 8. 3 per cent.. (Sydney Morning Herald -- Business)
Businesses dissatisfaction with banks up Dec 21, 2008
National Australia Bank Ltd scored the highest rating for pricing at 6. 14 in the survey. (Sydney Morning Herald -- Business)
Smith sees way for ANZ Dec 20, 2008
" As he peels back the layers, Smith is garnering some investor support, fanned by the realisation that, contrary to initial fears, ANZ and National Australia Bank have exposures broadly similar to those of Westpac and Commonwealth Bank, and may not emerge as the "bad banks" of the cycle. Even so, there is still a critical phase of the crisis to work through, as the financial impact starts spreading to the real economy. Smith worries about "irrational" behaviour in banking syndicates, not just... (The Australian)
Oil Set for Weekly Decline as Deepening Recession Cuts Demand Dec 19, 2008
Everyone is revising back demand forecasts and OPEC is desperately cutting in order to catch up to where the market is, said , energy and minerals economist at National Australia Bank Ltd. in Melbourne. There is a feeling that OPEC isnt in control. (Bloomberg)
Banks have big exposure to ailing pubs Dec 19, 2008
The National Australia Bank is set to be the worst hit of the big four, with a $600 million potential exposure to falling values, followed by ANZ ($525 million), Westpac-St George ($420 million) and Commonwealth Bank-BankWest ($420 million). None of the banks were willing to reveal their exposures. (Sydney Morning Herald -- Business)
'Tis the season to be generous Dec 19, 2008
Karma Currency has handled 3000 transactions and has started to work with corporate customers, such as Metlink, the Melbourne tram operator, and National Australia Bank. When someone gets a Karma Currency voucher, he or she goes on the group's website and chooses the charity or not-for-profit group to which the donation will go. (Sydney Morning Herald -- Business)
Dollar off lows after Japan rate cut Dec 19, 2008
"Risk appetites are still weak, and a weak global economy is bad for commodities, which is bad for the Aussie,'' Tony Morriss, a senior currency strategist at ANZ Bank. Morris said the Aussie could fall back to $US0.65 by year end. The Bank of Japan cut its key policy rate to 0.1% from 0.3% on Friday and took other steps to ease corporate credit strains, as sharp yen rises and crumbling global demand hit an economy already in recession. At the local close, the dollar traded at $US0.6860,... (Sydney Morning Herald)
Clyne moves Fahour aside Dec 19, 2008
19 December 2008 6:15am National Australia Bank will adopt a peculiar arrangement of its top management team with the decision of the new group chief executive, Cameron Clyne, to also take on the task of CEO of the Australian region. That leaves the incumbent, Ahmed Fahour an executive director of the bank without a defined portfolio. (The Sheet)
Paperlinx Will Breach Lending Convenants on Delay of European Asset Sales Dec 19, 2008
The company is in talks to renegotiate its debt with Commonwealth Bank of Australia, Westpac Banking Corp., National Australia Bank Ltd., Australia & New Zealand Banking Group Ltd., Deutsche Bank AG and HSBC Holdings Plc, spokesman said in a telephone interview from Melbourne. a spokesman for Commonwealth Bank, declined to comment on the size of its loans to Paperlinx; spokesmen for ANZ, National Australia and Westpac didnt respond to phone calls seeking comment. (Bloomberg -- Australia & New Zealand)
Mimi Macpherson down to her last $8 Dec 18, 2008
Ms Macpherson also owes an unknown amount to Babcock and Brown, the National Australia Bank and Equity Trust. Story Tools. (The Australian)
Asia Money Market Rates Fall as BOJ to Follow Fed, Libor Slides Dec 18, 2008
Australian funding rates rose for the first day in four as National Australia Bank Ltd., the countrys biggest bank by assets, said financing costs may climb next year. The between the rate Australian banks charge each other for three-month loans and the overnight swap rate, a measure of cash scarcity, gained 3. (Bloomberg)
Former No. 2 at NAB edged out Dec 18, 2008
But although Ahmed Fahour says he's happy to stay put at National Australia Bank, it seems the one-time crown prince of Australian banking has become something like its version of Peter Costello ... Incoming National Australia Bank chief executive Cameron Clyne moves ... Incoming National Australia Bank chief executive Cameron Clyne moves early to stamp his mark on the banking giant. (Sydney Morning Herald -- Business)
NAB warns on 2009 bad debts Dec 18, 2008
National Australia Bank has warned bad debts will rise amid "testing times'' in 2009 and dividend levels cannot be guaranteed. The warning, by NAB chairman Michael Chaney came after the bank had already written off $1.5 billion in bad debts this year. "We hope to maintain the dividend but it depends on the state of the economy and the bank,'' Mr Chaney told the company's annual general meeting in Melbourne today. The bank delivered a 6. (Sydney Morning Herald -- Business)
CBA shares slump follows $2 billion botch-up Dec 18, 2008
Incoming National Australia Bank chief executive Cameron Clyne moves ... Incoming National Australia Bank chief executive Cameron Clyne moves early to stamp his mark on the banking giant. (Sydney Morning Herald -- Business)
Hands-on role for NAB boss Dec 18, 2008
INCOMING National Australia Bank chief executive Cameron Clyne has moved early to stamp his mark on the banking giant by personally taking charge of the lender's flagship Australian operations. The move appears to have sidelined key executive Ahmed Fahour, once a frontrunner for the top job. (Sydney Morning Herald -- Business)
CommBank's debt alert Dec 18, 2008
" The admission was blamed as the trigger for yesterday's botched capital raising exercise by CBA. It initially sought to raise $2 billion from institutional investors at $27 a share but had to cut the price to $26 after some investors baulked at the higher bad-debt estimate. Today's bad debt tally compares with an average estimate among analysts of about $2 billion, Bloomberg News reported. The fact the amount has risen to 60 basis points of gross loans in just over a month which means the... (Sydney Morning Herald -- Business)
Australia's CBA raises $1.4 bln, shares dive Dec 18, 2008
CBA's capital raising coincided with a warning of tougher banking environment by Australia's top lender, National Australia Bank Ltd, (NAB), and Australia and New Zealand Banking Group Ltd (ANZ). "It's not getting any easier," NAB's incoming Chief Executive, Cameron Clyne, said of the business environment. (guardian.co.uk)
NAB says to combine Australia, group CEO roles Dec 18, 2008
MELBOURNE, Dec 18 (Reuters) - National Australia Bank (NAB.AX: , , ), the country's biggest lender by assets, will combine the roles of group chief executive and Australian operations chief, the bank said in a statement on Thursday. Incoming Chief Executive Cameron Clyne will take on the combined role, while current Australia operations chief executive, Ahmed Fahour, will move to a group role to work on operational, commercial and strategic challenges. (Reuters)
Australian mall owner Centro gets new debt lifeline Dec 18, 2008
Those lenders include Commonwealth Bank of Australia (CBA.AX: , , , ), National Australia Bank (NAB.AX: , , , ) and Australia and New Zealand Banking Group (ANZ.AX: , , , ). Centro also agreed to issue securities worth 14. (Reuters)
Australian Dollar May Surge 12% in 2009 on Central Bank's Policy, NAB Says Dec 18, 2008
Dec. 18 (Bloomberg) -- Australias dollar may advance 12 percent against the U.S. currency next year as the central bank stops cutting interest rates and global economic growth rebounds, National Australia Bank Ltd. said ... 20 cents, National Australia Bank said ... National Australia Bank also recommends buying the local dollar when it is below 60 yen as the Aussie may rise to 73 yen by end 2009. (Bloomberg -- Australia & New Zealand)
Australian, New Zealand Dollars Gain for Fourth Day on Rate Gap With U.S. Dec 18, 2008
The Aussie, as its called, will gain to 79 U.S. cents, 73 yen and 55 euro cents by the end of 2009, Sydney-based , head of currency strategy at National Australia Bank, wrote in a research note published yesterday. Australias dollar bought 48. (Bloomberg -- Australia & New Zealand)
Commonwealth Bank Tumbles Most in 17 Years on Rising Bad Debts, Stock Sale Dec 18, 2008
In October, National Australia Bank posted a 24 percent drop in second-half profit as funding costs rose and the company increased loss provisions. Bad debts climbed A$1. (Bloomberg -- Australia & New Zealand)
NAB conjures hefty discount for Wizard Dec 17, 2008
THE American financial giant GE Money will lose most of the $400 million-plus it paid for Wizard Home Loans if National Australia Bank proceeds to buy one of the best known non-bank mortgage providers. NAB revealed yesterday it is in advanced talks to buy the Wizard brand name and its 170 franchise outlets, just four years after GE bought the business from its founder, Mark Bouris, and James Packer. (Sydney Morning Herald -- Business)
NAB set to nab Wizard Loans Dec 17, 2008
NATIONAL Australia Bank is close to snapping up the plum assets of Wizard Home Loans at just a fraction of the $400 million GE Money paid four years ago as the credit crunch forces the US lending giant into a rapid retreat from the nation's mortgage market. NAB is in advanced talks with GE Money to acquire Wizard's 200-strong branch network, branding rights and the best of its lending book for less than $30 million. (Sydney Morning Herald -- Business)
Bank in botched $2bn deal Dec 17, 2008
Continuing the trend, National Australia Bank is expected to acquire the bulk of the Wizard Home Loan business at a deeply discounted rate, as its parent, US giant GE Money, retreats from Australia's mortgage market. Story Tools. (Sydney Morning Herald -- Business)
Commonwealth Bank's $2 billion 'stuff up' Dec 17, 2008
Welcome to The Brisbane Times. Search brisbanetimes. (Sydney Morning Herald)
Australian shares close up 0.4 pc Dec 17, 2008
The National Australia Bank, however, rose 0. 6 percent to 19. (India Times)
CBA and Merrill in spat over share sale Dec 17, 2008
The botched share placement comes less than six months after National Australia Bank refunded A$590m to investors that took part in a bond sale that was finalised days before it stunned the market by disclosing additional provisions of A$830m against a portfolio of collateralised debt obligations. NAB at the time agreed to the refund, which saw the amount raised from the June 2011 bonds cut from A$850m to A$260m, as a gesture of goodwill. (FT.com -- Markets)
Crude oil rises after rate cut Dec 17, 2008
The markets driven by economic news and anything thats affecting the demand side is moving oil,'' said Gerard Burg, minerals and energy economist at National Australia Bank Ltd. ''OPECs cut has been priced in and theres skepticism about their adherence to quotas but any withdrawal of supplies would help. . (The Age)
Will Wizard's magic work for NAB? Dec 17, 2008
GE Money looks to offload Wizard home loans to National Australia Bank ... For National Australia Bank, the chance to swoop on Wizard's $4 billion portfolio of prime mortgages, brand and distribution a highly discounted rate keeps it in the home lending game ... National Australia Bank may acquire the distribution network and $4. (The Age)
Billions lost in Wall Street fraud Dec 15, 2008
Each of Australia's big banks, including National Australia Bank and Westpac, said they had no direct exposures to the collapsed pyramid investment scheme. Macquarie Group declined to comment, but it is believed that the investment bank yesterday told clients it had no direct exposure to Mr Madoff. (Sydney Morning Herald -- Business)
Aussie banks 'not involved with Madoff' Dec 15, 2008
National Australia Bank Ltd (NAB)and Commonwealth Bank of Australia Ltd (CBA) said they have no direct exposures to the scheme. Westpac Banking Corporation had no comment. (Sydney Morning Herald -- Business)
Talks over Centro's survival continue Dec 15, 2008
National Australia Bank has a secured exposure of $750 million, and an unsecured exposure of $200 million, while Westpac has a secured exposure of $558 million. ANZ Banking Group's secured exposure is $700 million and its unsecured exposure is $680 million. (Ninemsn)
Australia shares jump 2.3 pct, but Telstra dives Dec 15, 2008
Australia shares jump 2. 3 pct, but Telstra dives. (Ninemsn)
Centro tipped to secure lifeline Dec 15, 2008
Centro's bankers in the Australian-led syndicate are the Commonwealth Bank, National Australia Bank, ANZ, the German bank WestLB, BNP Paribas, Sumitomo Mitsui Banking Corp, JPMorgan and Royal Bank of Scotland. The American banking syndicate features Bank of America, Wachovia, KeyBank and JPMorgan. (The Age, Australia -- Business)
Australia Cuts Commodity Export Sales Forecast 10% on Global Credit Crisis Dec 15, 2008
China is going to be quite critical to any recovery, said , minerals and energy economist at National Australia Bank Ltd., who expects modest recovery in the second half of 2009 and into 2010. For commodities, its going to be dependent on growth in the construction and manufacturing sectors and also their infrastructure construction. (Bloomberg -- Australia & New Zealand)
Australian, New Zealand Dollars Gain on Outlook for Fed Interest-Rate Cut Dec 15, 2008
The Fed will likely say that interest rates will remain low for a long time, which has the potential to trigger a fall in the U.S. dollar, , head of currency strategy at National Australia Bank Ltd. in Sydney, wrote in a note to clients today. The Australian dollar looks solid around between 64. (Bloomberg -- Australia & New Zealand)
Bourse dips as car talks stall Dec 13, 2008
National Australia Bank fell 25c to $19. 10, Westpac fell 52c to $16. (The Australian)
Packer banking on PBL Media windfall Dec 12, 2008
But PBL Media's boss, Ian Law, said yesterday he had a "high degree of confidence that the recapitalisation is on track. Next week the matter will be resolved and it's a good offer in the interests of the company and I continue to be optimistic that the banks will endorse the package. "We anticipate the next 12 to 24 months will be a difficult period and the recapitalisation package will give us the headroom to trade through that," he said. People close to the talks said that more than half of... (Sydney Morning Herald -- Business)
Banks raising billions from new guarantee Dec 12, 2008
The National Australia Bank yesterday followed its three big rivals by pricing two tranches of the new guaranteed debt to inject $2. 5 billion into its coffers, which will support its future lending needs. (Sydney Morning Herald -- Business)
Credit to the mutuals Dec 12, 2008
The Sydney Morning Herald: national, world, business, entertainment, sport and technology news from Australia's leading newspaper. there are still options to secure a personal loan. (Sydney Morning Herald -- Business)
ANZ to hire more indigenous Australians Dec 12, 2008
National Australia Bank has probably less pressure to cut due to heavy cuts a few years ago, he added. 2008 Brought to you by. (Sydney Morning Herald -- Business)
Banks to raise indigenous staff numbers Dec 12, 2008
The Prime Minister, Kevin Rudd, last week launched the plan at a National Australia Bank event. Thirty companies have pledged 7000 indigenous jobs to the Australian Employment Covenant, which aims to create 50,000 jobs for indigenous workers in two years. (Sydney Morning Herald -- Australia)
Rudd's Australian Funding Guarantee `Dislocates' Bond Market, Spreads Soar Dec 12, 2008
National Australia Bank Ltd. and Suncorp-Metway Ltd. sold similar domestic debt yesterday and three other banks carried out offerings in U.S. dollars. In the domestic space these bonds are seen as excellent substitutes for semi-governments which have been crowded out, said , head of fixed-income research at Westpac Banking Corp. in Sydney. (Bloomberg -- Australia & New Zealand)
National Australia Sells A$2.5 Billion of Government-Backed Bonds Due 2011 Dec 12, 2008
National Australia Bank Sells A$2 ... Dec. 12 (Bloomberg) -- National Australia Bank Ltd., the countrys biggest by assets, raised A$2. (Bloomberg -- Australia & New Zealand)
Asian banks still strong but face tough road ahead Dec 11, 2008
The country's four biggest banks, including National Australia Bank Ltd. and Commonwealth Bank of Australia Ltd., appear stable, though the global financial crisis is cutting into the booming profits that had become the norm in recent years. In mainland China, big state-owned lenders such as Industrial rcial Bank of China Ltd. have undergone massive, government-financed restructuring in recent years, shedding their huge legacy of bad debt. (Anchorage Daily News)
Resources rally just not enough Dec 11, 2008
Welcome to Herald Sun. December 10, 2008 12:00am. (Melbourne Herald Sun)
CBA to stabilise Centro's big debt Dec 11, 2008
The Australian banking syndicate includes CBA, National Australia Bank and ANZ.. According to investment bank UBS, CBA's unsecured exposure to Centro is $200million, ANZ's is $680 million and NAB's is $200 million. (The Australian)
