Investors believe National Australia Bank's seven per cent drop in third quarter cash profit was not as bad as feared, and have raised the bank's share price.
Commonwealth Bank of Australia boss Matt Comyn says the lender entered the coronavirus pandemic in a very strong position but has been impacted nonetheless.
Corporate finance group Argonaut has rejoined the funds management sector, with executive director David Franklyn saying investors need to rethink their approach to the resources sector.
QBE Insurance Group has flagged a half-year net loss after tax of $US750 million ($A1.1 billion), reflecting the impact of the COVID-19 pandemic, higher claims and a loss on its investment portfolio.
Euroz is planning to partially retain the Hartleys brand and intends to bring independent directors onto its board as part of its agreement to acquire the rival stockbroking firm.
Cash Converters is claiming a solid balance sheet after it extended a $150 million securitisation facility, following a turbulent time for the payday lender.
Perth-based fintech startup PictureWealth has announced two major moves in its efforts to expand its market reach, raising $12 million and acquiring financial services manager Neo Financial Solutions.
Listed stockbroking and funds management firm Euroz has offered to buy competitor Hartleys in a scrip deal that would give Hartleys’ current shareholders a 17 per cent stake in the combined group.
Stockbroking firm Hartleys has confirmed it is in advanced merger discussions with listed rival Euroz. If the merger proceeds, it would add to a string of changes among Perth’s top corporate finance dealmakers.
Melbourne-based Stephen Targett has become chair-elect of banking group Police & Nurses, after Paul Gabb announced he would retire at the company’s AGM in November 2020.
Australian Finance Group has announced a capital raising to strengthen its financial position ahead of an expected softening of the housing loan market and to support the growth of its subsidiary AFG Securities.
Businesses in the hospitality, tourism and retail sectors are holding out for COVID-19 restrictions to lift, as a majority of turnaround professionals believe these businesses won’t be able to survive more than three months if the shutdown continues.
