Financial Services

CBA sells life insurance business for $A3.8bn

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 in $60m facility for gold project

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.

APRA panel appointed for CBA probe

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

RBA holds cash rate at 1.5%

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.

CBA to face shareholder class action

IMF Bentham has confirmed it will fund a Federal Court open class action against the Commonwealth Bank relating to allegations the lender breached anti-money laundering and counter-terrorism funding laws.

CBA to defend allegations in court next year

AUSTRAC’s civil penalty proceedings against Commonwealth Bank of Australia won’t appear in the Federal Court until April next year.

CBA faces wide-ranging APRA probe

Commonwealth Bank of Australia will face an inquiry by the prudential regulator after a series of issues at the country's largest bank prompted concerns about its governance, culture and accountability.

Managers, investors evolve in west

The state’s first early stage venture capital limited partnership is one of three funds announced by Western Australian money managers this year, and one of two in a joint project by Cottesloe-based View Street Partners and Nedlands-based Mac Equity.

CEO lunch with John Van Der Wielen

One of the state’s most experienced financial services leaders, John Van Der Wielen says the opportunity to put something back into the community was one factor motivating his move to HBF.

Former Patersons dealer banned

The Australian Securities and Investments Commission has slapped a five-year ban on a Queensland-based former employee of stockbroking firm Patersons Securities, after he made unauthorised trades on a client account and created false records on two further accounts.

Wyatt cautious on bank tax

Treasurer Ben Wyatt has all but ruled out the introduction of a bank tax in the September budget but has kept the option open for a future decision, while the industry has called on the state government to protect Western Australia’s economic growth by not bringing in the levy.

Radium’s capital R&D funds plan

Companies investing in research and development have access to an increasingly competitive new source of finance.

Rates rise could stymie state’s recovery

ANALYSIS: WA could find itself in a tough spot if the Reserve Bank raises interest rates in response to economic conditions in the eastern states.

Asic bans Perth financial adviser

The corporate watchdog has banned a Perth financial adviser from the industry for failing to act in the best interests of his clients while he was employed by a subsidiary of Westpac.

Crowdfunding to offer new equity opportunity

SPECIAL REPORT: Small and mid-sized businesses will soon have a new option for raising capital when crowd-sourced funding legislation takes effect. 

Third Chinese bank opens Perth branch

China Construction Bank has become the third Chinese banking group to establish a presence in Perth, and those managing its operations are planning to make a larger impact than the competition.

Euroz flags larger profit, payout

Financial services business Euroz has flagged a surge in net profit for the 2017 financial year and an increased dividend payout, on the back of an improved performance by its broking arm.

Landmark deal for MIS investors

Dogged legal action led by Fremantle-based Primary Securities has given investors in a failed Willmott Forests scheme the prospect of getting a return on their money.

Platinum to sell La Trobe products

West Perth-based Platinum Mortgage Securities has entered into a products sale agreement with La Trobe Financial, following a transfer of funds between the two businesses last year.

Report carves-up remuneration

Chief executives at mid-cap companies in Western Australia are better paid than their peers in other states, but those at small companies in WA are worse off, an in-depth remuneration survey has found. Click through to access the report.