Mortgage Business Bank granted foreign ADI licence By Annie Kane
APRA has granted a new foreign authorised deposit-taking institution licence to an Italian banking group.
The Australian Prudential Regulation Authority (APRA) has granted Intesa Sanpaolo SPA a licence to operate as a foreign authorised deposit-taking institution (ADI) under the Banking Act 1959.
The Intesa Sanpaolo Group has a market capitalisation of €37.4 billion, approximately 14.6 million customers and more than 6,000 branches worldwide.
It covers retail and corporate banking (including mortgage lending), as well as wealth management.
While the vast majority of its branches are based in Italy, it also has more than 800 across Europe, more than 170 in Africa, and several across Asia and two in the USA.
Bushfires a wake-up call for insurers as unsettled claims continue to smoulder
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Scott Commens reckons he would be in front of a coroner right now if he had followed the advice of his insurers. It s just as well he didn t listen to them.
Commens has run the electronic music festival Subsonic from a property near Taree in NSW since 2006. Each summer, thousands of revellers come for three days of dancing. But last year, things didn t go to plan. The flames were almost at the front gate, he says.
Subsonic music festival director Scott Commens is still battling his insurance company, which said he should not have cancelled the 2019 festival amid the horror bushfires.
By Reuters Staff
5 Min Read
Dec 28 (Reuters) - Australian banking regulators tightened their grip around the “Big Four” in a year beset with numerous class action lawsuits - some stemming from a 2019 investigation into the industry - record fines and divestitures.
Below is a timeline that tracks developments in the Australian banking sector in 2020 and steps taken by lenders to stay afloat as credit losses and impairment charges spiked from the COVID-19 pandemic.
Jan. 22, 2020: Law firm Maurice Blackburn files a class action lawsuit against two entities of National Australia Bank on behalf of more than 330,000 account holders for alleged breaches in pension laws.
Mortgage Business Mutual banks continue growth after a difficult year By Tony Zhang 29 December 2020
Australia’s mutual banks, building societies and credit unions recorded another year of growth in a challenging year with bushfires, floods and the COVID-19 pandemic, along with continued competitive pressures in a low interest rate environment.
KPMG Australia’s
Mutuals Industry Review 2020 revealed that mutuals’ balance sheets (net assets) grew 4.6 per cent (2019: 6.4 per cent) to $9.8 billion, while overall operating profit before tax fell by 19.1 per cent (2019: fell 3.6 per cent) to $494.3 million (2019: $611.0 million).
The report is based on the financial results of 47 mutuals (representing over 97 per cent of the sector by total assets and profit before tax) as well as a qualitat