NAB looks to launch no-frills banking brand – Crikey National Australia Bank is working on plans to launch a new retail bank under a different brand. Last month, the bank created a new business group to look for ways of using technology to deliver low-cost services to groups not well represented in the bank’s customer base. The focus is on young people and self-directed consumers and investors, who are technologically savvy and would use the internet, mobile phones and other alternative distribution mechanisms. A NAB spokesman confirmed yesterday that the bank’s Australian chief executive, Ahmed Fahour, made an internal announcement in May that a new business group, Star Direct and Alliances, had been set up under general manager Gerd Schenkel. The new group has its own board, whose members include Fahour, Steve Tucker, the executive general manager for wealth management in Australia, Greg Sutherland, the executive general manager for strategy and marketing, and NAB general counsel Anne Ward. No firm plans have been made yet.
ASX's shares drop on Chi-X market entry Australian Securities Exchange (ASX) shares fell to a nine-week low after Chi-X Australia Pty Ltd was given approval to create a rival electronic market exchange that will break the ASX's two-decade monopoly. Minister for Financial Services Chris Bowen announced on Wednesday in-principle approval of Chi-X's application for an Australian market licence that would give investors a choice of market exchanges in making trades. US-based Liquidnet and AXE ECN have also made applications, which Mr Bowen said would be considered on their merits. But Chi-X's licence application is the most advanced and a final decision on it will be made after the necessary regulatory framework is in place. Advertisement ASX had no comment on Chi-X's pending entry, but reiterated that the critical issue was not whether competition should exist. Chi-X's entry into the Canadian market in February 2008 had a similar effect, with the market share of TMX Group's Toronto Stock Exchange, dropping to 66 per cent.
Best of the Best: Banking outlook for 2010 Best of the Best is all about sorting out the best financial products and services – to help you make the most of your finances. It helps too to sum up the year’s banking highlights, so here’s a snapshot. Interest rates hit a 40-year low – this time back in 2007 repayments on a $300,000 mortgage were $2329, today they’re just $1937, a saving of over $350 a month. The cash rate plunged to 3%, yet throughout the year online savings accounts paying more than 4% were easy to find. And while indeed there’s no such thing as a free lunch, fee-free everyday banking looks like it has arrived. That’s the good news, now it’s time to check out the potentially bad. The Westpac/St George and Commonwealth Bank/Bankwest mergers see the two majors controlling almost half of all outstanding Australian mortgages by value. Research outfit Core Data principal Andrew Inwood says this is not good for competition. For the exception, see this year’s banking Best Online Savings Account winner UBank. Inwood says no.
Chi-X Global Begins Application Process to Bring New PTS - Bloom Chi-X Global Begins Application Process to Bring New PTS Platform to Japan New Appointments Complete Japan Senior Management Team Business Wire NEW YORK & TOKYO -- November 30, 2009 Chi-X^® Global Inc. today announced that its Japanese subsidiary, Chi-X Japan KK, has begun the process necessary to file a PTS (proprietary trading system) application with the Japan Financial Services Agency (FSA) in anticipation of launching a displayed, alternative equities marketplace by summer 2010, subject to FSA approval. Chi-X Global currently operates Chi-X Canada and is a 50 percent owner of Chi-East, the joint Chi-X Global / Singapore Exchange Limited non-displayed trading platform scheduled to launch in mid-2010, subject to regulatory approval. Chi-X Global is a subsidiary of electronic trading pioneer Instinet Incorporated, which is the controlling shareholder of Chi-X Europe and is a wholly-owned subsidiary of Nomura Holdings, Inc.
UBank launch Wednesday, 1 October 2008 National Australia Bank announced today it had taken a step to progress its development of new distribution channels, products and services with the establishment of UBank, a new direct channel offering, focused on savings products. As the first brand in NAB’s Star Direct & Marketing division, UBank will launch with term deposits and over time, will add a range of additional savings, transaction and investment products. Greg Sutherland, Executive General Manager, Star Direct & Marketing, said UBank would be the first brand in NAB’s Star Direct & Marketing division. “UBank will allow us to compete for the ‘self serve banking’ customer segment. UBank has been designed for customers wanting an easy-to-use online and telephone banking service. Gerd Schenkel, General Manager, UBank said the new savings proposition was designed to help Australian consumers make the most of their money. Note to Editor: Media contacts: Luisa Ford NAB Corporate Affairs
Chi-X Global Makes Strategic Appointments by Advanced Trading Chi-X Global has hired Steven Silberstein as Chief Information Officer and Gregory Smith, CEO of Chi-X Global Technologies (Chi-Tech), has been named Vice Chairman. Silberstein will be responsible for all aspects of Chi-X Global's technology and will lead the technology coordination between its market centers, global trading participants and Chi-Tech's trading technology development. He will be a member of the Chi-X Global Executive Committee and will report to John Lowrey, CEO of Chi-X Global, and Smith. In a statement Lowrey said, "With investors around the world demanding more efficient markets, there are more opportunities than ever for Chi-X Global, both in delivering the platforms themselves and in technology provision. Steve is an extremely well-respected industry practitioner, and is the ideal choice to help us execute on our technology vision."
UBank fact sheet June 2009 30 June 2009 Who and What is UBank? UBank is a direct bank with products designed to be sold and serviced exclusively over the telephone and the internet UBank is a division of NAB Personal Banking and operates under NAB's banking license. UBank can be contacted on 13 30 80 or via www.ubank.com.au Why UBank? As part of NAB Personal Banking's multi brand and multi channel strategy, UBank is aimed at self directed customer segments that prefer to manage their own finances rather than seek advice UBank is complementary to NAB's broader, full service offering, along with the mortgage broker business NAB Broker UBank delivers high quality customer service through its dedicated call centre in Sydney as well as its own website, www.ubank.com.au Key Achievements: UBank's initial offering of personal term deposits has enjoyed strong consumer interest with sales performance above expectations UBank expanded its product set in February 2009 to also serve self managed super funds What’s next:
Transcript - Government decision to support competition in finan Canberra Wednesday, 31 March 2010 SUBJECTS: Government decision to support competition in financial markets, Andrew Robb's comments on Dr Ken Henry, insulation, BHP deal and tax revenues, Stern Hu case, Rio Tinto and ASIC investigations Good morning. Thanks for coming everybody. Earlier today, before the opening of the markets, I announced the Government's support for competition in Australia's financial markets. This is an important development in the operation of Australia's financial markets. This development means that we know that Australian investors, consumers of stockbroking services, will be getting the best possible value for money. This announcement is important for Australia's ambition to be a financial services centre. Let me turn to some implementation and practical measures. I also said at the time that any alternative market operator could not begin operation until after the transfer of supervision had occurred and that remains the Government's position. Under the TPA?
Westpac back to Bank of Melbourne with online arm Westpac could relaunch the Bank of Melbourne brand as an online offering. Source: Reuters WESTPAC Banking Corporation is looking to step up its "local" banking focus in Victoria, with the potential relaunch of the Bank of Melbourne brand. BusinessDaily has learned that the group is examining a proposal to revive the moniker for a new internet-based deposit business to compete with National Australia Bank's online arm, U-Bank. The major banks are now locked in a price war for new deposits ahead of the expiry of wholesale funding lines over the next two years. More than $150 billion of term wholesale funds will mature by the end of June 2011 and the banks are scrambling for more local deposits to reduce their size of those refinancings. "Like the other banks, Westpac's focus is on quickly building up its retail deposits to better manage its cost of funds in the medium term," a Westpac insider told BusinessDaily. The offer has also been matched by Bendigo subsidiary Rural Bank.
LCH.Clearnet Group - Media Centre - Press Releases - 2009-11-18 LONDON and SINGAPORE – 18 November 2009 – Chi-East, a joint venture of Chi-X® Global Inc. and Singapore Exchange Limited (SGX), and LCH.Clearnet Limited (LCH.Clearnet) announced today that Chi-East will appoint LCH.Clearnet as the central clearing facility for its pan-Asian non-displayed trading platform, scheduled to launch in mid-2010. Subject to agreeing to terms with Chi-East and the requisite regulatory approvals, LCH.Clearnet’s EquityClear service will clear the Australia, Hong Kong and Japan-listed securities available for trading on Chi-East. SGX-listed stocks will be cleared and settled through The Central Depository (Pte) Limited (CDP), SGX’s securities clearing house and depository, via SGX’s securities clearing members. “Providing a centralised clearing facility for our trading participants is an integral part of our overall business strategy. Wayne Eagle, Director, Equity Services, LCH.Clearnet, said, “We are delighted to be a part of such an innovative venture.