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Financial Services

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. 

Asic bans insurance broker

The corporate watchdog has removed a Perth insurance broker from the industry for failing to comply with regulations.

CEO lunch with Rowan Munchenberg

Business News sat down to lunch at Julio’s with new Bankwest managing director, Rowan Munchenberg

Barnaba leaves Macquarie, joins RBA

Five years after joining Macquarie Group as its Western Australian chairman, Mark Barnaba is leaving to pursue a career as a non-executive director, with his first new role to be on the board of Australia’s central bank.

Management change at Pitcher Partners

Pitcher Partners managing director Bryan Hughes has announced he will move on to chair the Perth-headquartered firm, with executive director Leon Mok to step into his role.

Friendly fire to hit bank customers

OPINION: Those among us who are unfamiliar with the term ‘collateral damage’ are about to learn its meaning first hand, because it is what we have become – innocent victims of bad governance across Australia.

Supreme Court upholds 53% loan charge

A Supreme Court dispute between West Perth firm Quantum Credit and a City Beach developer has shone a light on business practices at the risky end of the property finance market. 

AFG upgrades profit forecast

Australian Finance Group announced today its net profit for the current financial year would come in nearly 45 per cent higher than consensus forecasts, after a change in the way its treated certain commission income.

AFG names new CEO

Australian Finance Group has decided to keep its interim chief executive in the role on a permanent basis, after Brett McKeon stepped down in March.

Watchdog bans another Perth adviser

The corporate watchdog has removed another Perth-based financial adviser from the industry, for mishandling payments and deceiving clients.

Perth financial planner banned

The corporate watchdog has banned a former Westpac employee from providing financial services after finding he mishandled more than $1 million worth of advice service obligations.

Merchant merges with Somers

Financial services firm Merchant Group has announced plans to merge with investment bank and funds manager Somers & Partners.

NWQ targets overseas business

West Perth-based fund manager NWQ has opened an office in New York as part of the business’s first foray into the US market.

CEO lunch with Terry Agnew

Business News sat down to lunch at Julio’s with RAC head Terry Agnew to discuss his long career in the sector and the future of motoring.

Pioneer raises $20m as Banksia sells out

Financial services provider Pioneer Credit has raised $20 million from investors to fund the purchase of a $14 million debt portfolio, with long-term shareholder Banksia Capital selling its 9.75 per cent stake at the same time.

Automic seeks efficiencies in the cloud

Perth-based share registry business Automic Registry Services wants to double its market share this year after making a substantial investment in a new cloud-based platform.

NWQ in US expansion, appointment moves

West Perth-based hedge fund NWQ Capital Management has revealed it will be targeting the huge US financial sector with a new offshore fund, on the same day it announced former Bennelong Funds director of consultant relationships Tara Bell would be appointed managing director of research.

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