Financial Services

Big banks under pressure

Australia’s major banks are under mounting pressure today, with a draft report from the Productivity Commission raising doubts about competition levels as regulators apply more scrutiny to three of the 'big four'.

Bankwest nets $339m in half year

Bankwest has recorded a $339 million net profit for the first half of the financial year, fuelled by solid income growth and flat expenses, along with lower loan impairments compared to 2016.

The computer made me do it

The rise of robo investment advice will prompt those with long memories to recall what happened last time computer algorithms were used to manage investments.

Investors focus on Quintis projects

The Quintis insolvency could play out very differently from other failed agribusiness investment schemes.

Cashies boss to rebuild cred

One year into his new job, Cash Converters chief executive Mark Reid is on a culture change journey.

Tech, training key for Success

SPECIAL REPORT: Technology and a greater emphasis on strategic advice are how one local accounting franchise hopes to brace for changes in the professional services sector.

Forrest gains $249m

Fortescue Metals Group founder and chair Andrew Forrest has seen his stake in the miner increase $249 million in value over the past four weeks, according to data on directors’ shareholdings tracked by Business News.

Euroz flags profit dip

Financial services company Euroz says it expects a small dip in half-year profits, with a strong contribution from its funds management operation offset by a significant reduction in corporate finance deals.

Goldfields takes Finsure merger

Kalgoorlie-based bank Goldfields Money has agreed to a scrip-based merger with mortgage aggregator Finsure, valuing the combined group at $97.5 million.

BDO buys corporate advisory firm

BDO has backed its confidence in WA’s commercial outlook by purchasing boutique mergers and acquisitions firm Tomkins Turner Corporate Advisory

Crowdfunding available for startups

UPDATED: Australian startups will now be able to raise capital via crowdfunding sources after the corporate watchdog today approved the first batch of licences allowing companies to act as intermediaries in the process.

Wealth Today acquired for $1.67m

Sydney-based Spring Financial Group has announced it will acquire Perth-based financial planning firm Wealth Today, led by managing director Greg Pennells, for $1.67 million.

EY boss to APM after PE deal

EY’s Perth managing partner, Mike Anghie, is planning to join APM as its chief executive, four months after advising Quadrant Private Equity on the purchase of a 60 per cent stake in what is Australia’s largest privately owned human services company.

Growth in impact investment

Social impact is becoming a larger factor for investors aware of the growing base of conscious consumers.

Van Der Wielen recruits banker as Kyckr chair

Global regulatory technology play Kyckr has appointed Tesco Bank CEO Benny Higgins to replace HBF CEO John Van Der Wielen as chairman next year as the group revamps its board.

Firstmac will not extend Goldfields Money offer

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 expands business banking arm

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.

Stargroup goes into receivership

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 expands in slow market

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.

Sharequity targets smaller raisings

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.

CEO lunch with Fabian Ross

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