Westpac’s UNITE tech overhaul is Anthony Miller’s to own. As the bank streamlines, sub-brands like St George Bank and BankSA may not make the cut.
Westpac Banking Corporation
ASX:WBC
New CEO Richard Fennell says Bendigo and Adelaide Bank doesn’t need to be like market leader CBA or the rest of the Big Four, but today's share price plunge suggests investors have their doubts.
Sources told Capital Brief the new arrangements, which were negotiated under tight non-disclosure agreements, would lead to about a 30% increase in costs for lenders.
If HSBC decides to sell its Australian retail business it would offer a high-quality, clean book — just not one to attract a big premium.
External CEO appointments typically reflect a board wanting change. ANZ chair says that's not the case with Shayne Elliott's replacement, Nuno Matos.
In the latest of multiple reviews of payments and surcharging in Australia, industry seems to have only one view in common: it's a mess.
Late-term CEOs rarely report anything that would damage their legacy. Peter King, who hands a stable, if still challenged, Westpac to his successor, is no exception.
ANZ's venture arm is not dormant, its CEO says, but it has been focused on preserving its portfolio of investments in the last two years - including a stake in Airwallex. That's about to change.
Australia's high bank share prices have much to do with consistency and safe haven status. Westpac's very predictable decision to appoint Anthony Miller as its new CEO won't damage that reputation.
Westpac was once the most enthusiastic of the big four banks on VC. Now it is taking a more nuanced approach to the fintech sector.
The bank's trading update today completed a picture of a sector in good health. But bank shares remain extremely expensive — even for the banks themselves.
The major banks make consistent profits and pay solid dividends, but they seem unjustifiably expensive. Competitors are looming and winning share but their share prices are not for the faint-hearted.
The millionaire factory's trading update showed it will keep the pressure on margins, with the focus now shifting to Commonwealth Bank and Bendigo Bank results — and the ongoing strength of bank shares.
Demographic shifts may partly explain widespread selling of bank stocks by mum and dad investors — which has driven retail ownership of three of the big four to its lowest levels.
Andrew Irvine took over NAB at a high point for the lender. But now things are slowing a strategic review will guide how much his predecessor's strategy needs to be "evolved".
