March
‘Too small to fail’: Small banks push for subsidies
Customer-owned banks have told the Council of Financial Regulators they may need credit rating support, debt guarantees and government subsidies to survive.
September 2024
Bank merger killed as RAMS fallout spreads
P&N Bank canned its merger with Beyond Bank days after the Financial Review revealed the latter’s CEO, Jake Bromwich, was stood down by Westpac.
June 2024
APRA objects to small bank claims on ‘same’ regulation
The Customer Owned Banking Association says its members are ‘regulated in the same way’ as listed banks. APRA says that is false ahead of a new inquiry.
November 2023
‘Weak board decision-making’: APRA hits RAC Insurance
The prudential regulator’s action against the West Australian organisation marks its latest snap at customer-owned insurers.
October 2023
This bank didn’t lose a single dollar to mortgage stress last year
NGM chief Bernadette Inglis says the outsized focus on the mortgage cliff made bankers and mortgage brokers prone to being “apprehensive”.
May 2023
The sector that wants to sandbag itself from private equity
Australia’s $1.5 trillion mutual and co-op sector wants the Albanese government to copy an imminent UK law that will put a stop to demutualisations.
November 2022
Merger of mutual banks Heritage and People’s Choice approved
The deal will create the country’s largest mutual bank, which will select a new name next year in an attempt to win over mortgage brokers.
September 2022
Why the end of ‘Disneyland’ markets might be a good thing
This week’s inflation shock may end up being healthy for markets, if it reminds investors about the importance of managing risk and thinking long term.
Merger of Heritage Bank and People’s Choice is on the treasurer’s desk
APRA has sent a merger of two mutual banks, a deal that will create the country’s ninth-largest bank, to Jim Chalmers for final approval ahead of a member vote.
June 2022
Mutual banks told to ‘sharpen their focus’ on vulnerable customers
The customer-owned bank sector will introduce a new code of practice in October. A report shows there is work to be done to get ready.
May 2022
We’re not past it, say the long-serving directors criticised by APRA
Some board members for customer-owned institutions have been there for four decades or more. Here’s where they say regulatory criticisms about tenure are wrong.
April 2022
Regulators must stop favouring big banks: mutuals
The Customer Owned Banking Association has asked for a staggered introduction of regulatory changes, after being criticised for the excessive board tenures of its members.
November 2021
Farmers collect data to measure improvements, tap carbon markets
Regen Farmers Mutual is raising funds to create a ‘digital twin’ of farms using drones and sensors to open up new revenue streams from carbon credits.
October 2021
Teachers Mutual crunches approval times, smashes system growth
The lender used the pandemic to rewire its approach to approvals, leading to home loan growth four times faster than the system.
Newcastle Permanent keeps provisions after profit jump
The customer-owned bank’s chief executive says it is preparing for a more challenging forward environment characterised by market and economic uncertainty.
September 2021
Heritage says mergers give mutuals power to take on the majors
Heritage grew deposits by almost 20 per cent in the past year with a focus on community banking that it will take national when it merges with People’s Choice.
S&P flags more mutual bank mergers
The combination of Heritage Bank and People’s Choice, and Newcastle Permanent and Greater Bank, won’t be the end of consolidation as cost pressures mount.
August 2021
BlackRock faces key test in $15 trillion China asset market
BlackRock is gearing up for the first test of Chinese investor appetite for its own mutual fund products, more than 15 years after entering the market.
UBS pops up in Heritage, People’s Choice bank merger
It’s a long way from Toowoomba to Adelaide, and it appears that somewhere in the middle is Switzerland.
Two more mutual banks preparing to merge
Heritage Bank and People’s Choice are exploring a “merger of equals” to create scale, which will be put to a member vote in early 2022.