Australia’s Westpac fails to sell pacific banking business
(Reuters) – Australian lender Westpac said on Wednesday it had cancelled the sale of its Fiji and Papua New Guinea businesses, ending a years-long process that was beset by regulatory problems. The…
Westpac raises Australia cash rate peak forecast to 4.6%
SYDNEY (Reuters) – Westpac on Friday lifted its forecast for Australia’s cash rate peak to 4.6%, tipping quarter-point hikes in July and August, joining other major banks that are expecting higher rates…
Westpac to layoff 300 workers in business and retail unit, says trade union
(Reuters) – Australian lender Westpac Banking Corp will cut around 300 jobs in its consumer and business banking segments at a time of strong profit growth amid rising interest rates and soaring…
Australia’s CBA, Westpac expect rate-hike pause in April; other top banks vary
(Reuters) – Commonwealth Bank of Australia (CBA) expects the country’s central bank to pull brakes next week on one of the most aggressive tightening cycles in decades as data signalled signs of…
Australia’s Westpac posts lower CET1 ratio as provisions rise
(Reuters) – Westpac Banking Corp said on Friday its common equity tier-1 ratio in the first quarter fell sequentially as the lender increased provisions for bad debts. The bank did not disclose…
Australia’s Westpac sees $824 million hit in second half from unit sale
(Reuters) – Australia’s Westpac Banking Corp warned on Monday that its second-half reported net profit and cash earnings will be reduced by A$1.3 billion ($824 million) after tax, citing a loss on…
Australia’s top banks eye payments firm Tyro as housing market cools
By Shashwat Awasthi and Byron Kaye (Reuters) -Three of Australia’s biggest banks are considering a bid for payment terminals firm Tyro, underscoring the importance of new revenue streams as rising interest rates…
Jack Dorsey’s Block ends Afterpay smartphone tie-up with Australia’s Westpac
SYDNEY (Reuters) – Afterpay, the Australian payments firm bought by Jack Dorsey’s Block Inc, and Australia’s Westpac Banking Corp ended a partnership after the firm cancelled a smartphone app it was running…
Westpac to sell one financial advisory business, merge unit’s funds with Mercer Super Trust
(Reuters) – Westpac Banking Corp said on Thursday it would sell one of its financial advisory businesses, Advance Asset Management, to pension fund Mercer Australia, as part of the bank’s ongoing push…
Australian lender Westpac fined A$113 million for multiple compliance breaches
(Reuters) – An Australian court ordered Westpac Banking Corp to pay A$113 million ($82.92 million) in penalties for multiple compliance failures across its businesses, after hearing the last of the six cases…
Australia’s Westpac unit penalised for charging incorrect insurance fees
(Reuters) – Australia’s Federal Court on Friday ordered lender Westpac Banking Corp’s superannuation agent to pay A$20 million ($14.96 million) in penalty for incorrect insurance charges. The court said BT Funds Management…
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