Banking Day
The move towards phasing out BECS in favour of the New Payments Platform is gaining traction. The next steps in this process and how the industry will get there was the working thesis of a panel discussion at yesterday's AusPayNet conference.
Publication resumes Tuesday, 28 January 2025
This is the final edition of Banking Day for 2024. Thanks for supporting a 22nd year of independent industry journalism.
Great Southern profit falls - bankingday.com
The net profit of Great Southern Bank has dived, to $37.3 million over the year to June 2024, from $44.5 million in FY2023. In FY2022 the bank’s profit was $70.5 million, which included the sale of CUA Health.
Cuscal IPO priced - Banking Day
The upcoming initial public offer of Cuscal Limited will be priced at $2.50 a share, Bell Direct, one of the sponsoring brokers said. This will give the specialist B2B payments bank an implied market capitalisation of $514 million.
MyState, Auswide do the decent thing in dire times - Banking Day
MyState Limited and Auswide Bank Australia have reached terms for a merger of the two regional banks, one they aim to complete by the end of the year.
International Bank of Australia walks away - Banking Day
No surprises. Another neobank bites the dust, this time, International Bank of Australia, which was weeks away from the deadline to progress to a full licence.
Teachers Mutual dumps Hiver, considers branch closures
Teachers Mutual Bank will scrap its Hiver brand, no later than the middle of next year. In its 2024 annual report released last week, Teachers Mutual said that “as part of our ongoing simplification program, this year we undertook a full review of our retail brand, Hiver.
Poor AI practices weighs on consumers' trust - Banking Day
A newly released Deloitte report has warned that consumer trust has taken a nosedive over perceptions that personal information is poorly managed across a range of major industry and government sectors.
Banking Day
ANZ has agreed to settle a pair of class actions, one concerning one that plaintiffs termed predatory lending. Maurice Blackburn Lawyers on Friday said it settled this class action with ANZ for $85 million over lending practices “that saw car dealers sting customers with high interest loans involving secret flex commissions kickbacks from the bank.”
Banking Day
Focused on banking and finance, saving you the time spent wading through newspapers and other services. With reporting from former editors and senior writers from the AFR and The Australian.