Financial Services

CBA issues $US2.5bn of subordinated notes

The Commonwealth Bank of Australia has issued $US2.5 billion ($A3.6 billion) worth of subordinated notes amid a regulatory push to increase capital reserves.

WA lending up from historical lows

Lending to investors and first homebuyers in Western Australia is showing early signs of a rebound from its record slump, according to the latest seasonally adjusted data from the Australian Bureau of Statistics.

Westpac to defend class action over super

Westpac says it has been hit by a class action lawsuit over superannuation fees.

ASIC takes BoQ and Bendigo to court

The Australian Securities and Investments Commission is launching legal action against the Bendigo and Adelaide Bank and Bank of Queensland amid allegations of unfair small business lending terms.

RBA waiting, watching as rate held at 1.0%

The Reserve Bank has left the cash rate unchanged at a record low 1.0 per cent as it maintains its wait and see approach to June and July's cuts.

Carbon Group targets more growth after 18 acquisitions

Business services firm Carbon Group has achieved rapid national expansion on the back of multiple acquisitions.

Panoramic loan slashed by $20m amid Savannah woes

Nickel miner Panoramic Resources will have to tap the market for $20 million in equity after its debt was halved by Macquarie Bank, while today also disclosing deferred payment for the sale of its Canadian project.

Pioneer lender cuts off funds amid probable profit hit

Pioneer Credit could be in breach of its loan covenants, after it said a change in the accounting treatment of its consumer debt portfolios would likely result in a dent to its underlying earnings.

Perenti shares up after Gresham sale

Shares in mining services company Perenti Global were up more than 6 per cent today after investment bank Gresham Partners announced an agreement to sell its $91.2 million stake.

Macquarie Group flags $1bn capital raising

Macquarie Group will embark on a $1 billion capital-raising program as it seeks to shore up investments and meet new APRA credit risk requirements.

AFG profit edges lower

Australian Finance Group has posted a 0.8 per cent decrease in net profit, but is optimistic about its future following the federal election result earlier this year.

CBA sells CommInsure for reduced $2.375bn

Commonwealth Bank of Australia has renegotiated the sale of its CommInsure life insurance business to Hong Kong-based AIA for a reduced $2.375 billion.

ASIC bans Perth director

The Australian Securities and Investments Commission has banned Perth businessman Max David Goldenberg from providing financial services and engaging in credit activities for a period of eight years.

Westpac reports mortgage stress in WA

Westpac has reported a further rise in the number of people missing mortgage payments with Western Australia continuing to be the main problem area.

AFG set to buy rival for $120m

Australian Finance Group has signed a binding agreement to acquire Melbourne-based Connective Group in a cash-and-scrip deal worth around $120 million that will create an entity with over 6,575 brokers.

Marsh settles in as Willis pivots

Perth’s largest insurance broker is preparing to consolidate its staff across two offices following a merger earlier this year, as one of its main competitors readies for a major transition.

Australian CFOs report decreased market optimism

Australia’s chief financial officers have become less optimistic about the Australian economy in the past year, citing concerns about global and local economic conditions, including the rising trade tensions between the US and China.

Cashies forecasts FY19 loss

Cash Converters International says it expects a loss of between $2 million and $4 million for the 2019 financial year, largely due to a class action settlement in Queensland.

Perth Mint launches ETF with $64m coin

The Perth Mint has created the largest ever coin to celebrate the official launch of its Physical Gold Exchange Traded Fund on the New York Stock Exchange last night.

SRJ seeking IPO, set to raise $5m

A UK-based specialist engineering firm is aiming to list on the ASX, with CPS Capital Group appointed lead manager for a $5 million pre-IPO raising.

Sales to shake-up stockbroking

The recently announced sales of Perth stockbroking firms Patersons Securities and DJ Carmichael will reshape the sector’s pecking order in Western Australia.