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’A fresh (IMF) sovereign contingent liability
Here’s a story that seems to have sneaked past undetected last Friday (albeit understandably).
It’s the final ratification of the IMF’s New Borrowing Arrangements (NAB) deal, complete with fresh details of exactly who is participating and on what terms.
Byzantine insurance sagas: Axa-ed
It’s not quite on the level of the Pru’s ill-fated $35.5bn (reduced to $31.38bn) attempt to acquire AIG’s main Asian unit in 2010.
But to anyone who has followed – even in passing – one of the most Byzantine takeover sagas in the insurance world,
NAB gets Axa-ed, and AMP-ed, Down Under
At long last. The interminable — and fiendishly complicated — saga of the battle for Axa Asia Pacific Holdings (Axa APH) is approaching a finale. Or so it seems.
As Reuters reports on Monday:
Australian wealth manager AMP and French insurer AXA SA launched a new $13.1bn-plus bid for AXA Asia Pacific,
Aussie banks are doing fine, thanks mate
What do you know – Australian banks punch way above their weight, according to new figures that show Australia’s four big retail banks and Macquarie, the investment bank, have raised a combined $82bn of government-guaranteed debt since October.
NAB buys Aviva’s Australia business
Aviva on Sunday night agreed to sell its Australian life and wealth management businesses to National Australia Bank for up to A$925m (£450m). The UK insurer, which put the business up for sale this year,
Moody’s global bank review, redux
Moody’s comprehensive re-examination of its ratings on the world’s banks continues apace. Here’s an overview of the actions taken since May 21:
- Moody’s reviews five Kazakh financial institutions for downgrade
London,
Bidders pitch for Australian Aviva arm
Bankers to Aviva have received first-round bids for the UK insurance group’s A$1bn ($778m) Australian life assurance business. The auction of Aviva’s Australian assets is now down to a handful of bidders,
Australia’s NAB sees profits slide
National Australia Bank set the scene for Australia’s bank reporting season on Tuesday, announcing a large increase in bad debt charges and warning that market conditions had worsened. Australia’s largest lender said net profits slipped 1% to A$2.6bn in the six months ended March,
NAB, ANZ warn on bad debts
National Australia Bank and ANZ Banking Group said rising bad debts are eroding profit growth as losses spread from financial markets to the wider economy, reports Bloomberg. NAB, the country’s biggest by assets,
NAB eyes GE’s Australian mortgage unit
National Australia Bank was in advanced talks to buy General Electric’s Australian mortgage distribution network, as traditional banks move in to benefit from opportunities created by the global credit crisis,
Australian banks raise $5.7bn
CBA, Westpac and ANZ raised $5.7bn this week selling stock and bonds to boost balance sheets dented by rising defaults, reports Bloomberg . CBA, the second-biggest bank by market value, offered government-backed debt as part of a A$1.25bn ($824m) bond sale Tuesday and said Wednesday that it would sell up to A$750m in stock to Merrill Lynch.
NAB issue raises A$3bn
National Australia Bank on Monday raised A$3bn (US$2bn) in what may be the first of a series of large equity fund raisings as Australia’s top banks strengthen balance sheets hit by bad debts. UBS last week said Australia’s top five banks – NAB,
New chief for National Australia Bank
National Australia Bank appointed Cameron Clyne to replace John Stewart as chief executive officer, less than a week after setting aside A$830m ($783m) for losses on credit-market investments, reports Bloomberg.
NAB refunds investors as ‘goodwill gesture’
National Australia Bank has taken the unsual step of refunding A$590m ($565m) to investors that took part in a bond sale that was finalised only days before the bank stunned the market when it disclosed additional provisions of A$830m against its portfolio of CDOs.
We knew about the Merrill writedown on Friday… didn’t you?
Notwithstanding most Wall Street traders, it turns out that followers of National Australia Bank’s results last Friday might also have seen the writedowns at Merrill coming.
Notable back then was NABs big $830m writedown on CDOs.
Australia’s ANZ issues profit warning
ANZ bank, Australia’s third-biggest lender, issued a profit warning on Monday, forecasting more than $1bn in bad debt charges, as the global credit crisis started to hurt the country’s previously buoyant banks.
CBA eyes ABN Amro unit as NAB walks
Commonwealth Bank of Australia, the country’s largest bank, is in talks with Royal Bank of Scotland to buy ABN Amro’s Australian and New Zealand unit, a day after National Australia Bank ended talks on a potential deal,
Snap news
The latest on Friday.
- RBS looks to sell the ABN Amro investment banking business in Australia and New Zealand to National Australia Bank – Statement (via Business Spectator)
- Anheuser-Busch reportedly holds talks with InBev,
Citi set to sell Australian unit
Citigroup may sell its Australian retail broking unit as it consolidates its wealth management business in Hong Kong and Singapore to compete for customers against bigger private bank rivals. Citi is understood to be in talks over the possible sale of Citi Smith Barney Australia to National Australia Bank.
More trouble for Australia’s AFG
A large shareholder in Allco Finance Group, the troubled Australian-listed investment company, is heading for voluntary administration after failing to secure agreements with two margin lenders, who are now seeking to claw back shares in AFG.
China buys into Australian banks, eyes London
A secretive subsidiary of China’s State Administration of Foreign Exchange, manager of the world’s largest forex reserves, has bought stakes in three of Australia’s largest banks, raising fresh questions about transparency of China’s sovereign wealth investments in international markets.
Australia’s NAB buys US bank for $798m
NAB, the most internationally-focused Australian bank with operations in the UK and New Zealand, said Thursday it will acquire US-based Great Western Bancorporation from the Hamann family, reports the FT.
… As Australia’s NAB acts to ease liquidity
National Australia Bank on Wednesday said it had taken A$6bn ($4.9bn) of loans back onto its balance sheet after calls for liquidity from special purpose vehicles that securitise its mortgages. The vehicles have called on stand-by liquidity facilities from the lender amid upheavals in the commercial paper market.
Bad pennies roll back to NAB?
With the debate rumbling on about whether conduits and SIVs have Enron-esque characteristics, or whether they are simply the innocent victims of credit contagion, the problems hit Sydney on Wednesday.
National Australia Bank has had to take A$6bn of conduit-related loans onto its balance sheet after problems in the ABCP market cut off the usual supply of financing.