Heritage Bank wastes no time in sinking the boot into the big banks

GOOD to see Toowoomba-based Heritage Bank has wasted no time sinking the boot into the big banks following the release of the Royal Commission into disgraceful behaviour.

Peter Lock, CEO of Heritage Bank.

GOOD to see Toowoomba-based Heritage Bank has wasted no time sinking the boot into the big banks following the release of the royal commission report into their disgraceful behaviour.

Heritage is ramping up its Fat Cat series of ads on free-to-air television, featuring a overweight feline which sarcastically says “whoopty doo” when the customer-owned lender says it’s “putting people first”.

No guessing who the fat cat is supposed to represent in the series of well-timed ads that were first shown last year and are now making a reappearance.

We hear Heritage boss Peter Lock is enjoying attracting an increasing number of customers who no longer want anything to do with the so-called Four Pillar banks. Lock relocated to the City of Flowers in 2015 from the Westpac-owned Bank of Melbourne.

PILE UP

GRAHAM “Quirky” Quirk’s problems with the Kingsford Smith Drive upgrade appear to have a fairly low-tech solution. You might recall Quirky announced late last year that “design defects” had delayed the $650 million upgrade project, and that the contractor – Lendlease – would have to make changes to ensure the long term structural soundness of the retaining wall along the riverside.

On his morning constitutional the other day, City Beat noticed a truckload of what appear to be wooden telephone poles being trucked onto the site near Bretts Wharf where a pile driver was busy ramming them into a section of the road near the river.

Wood might not sound like the best material to support a heavy road but students of history will know that most of the foundations of Venice were built on wooden piles. And many centuries after construction the buildings are still standing.

RISING SON

A FEW changes in the diplomatic corps in Brisbane with Japanese Consul-General in Brisbane Keiko Yanai leaving to take up a post in the Maldives (nice work if you can get it). Yanai, who has been in the job for about 15 months, has been replaced by Kazunari Tanaka, a long-standing diplomat whose previous postings over an almost 40-year career have included Baghdad, Melbourne, Ghana, and Hawaii.

Let’s hope Japan’s new man in Brisbane continues the showcasing of Japanese food in his new role. Your diarist enjoyed a pleasant afternoon last year sampling traditional onigiri rice balls and sushi rolls at the consulate’s swish digs at Hamilton.

BUY ADVICE

A LITTLE clarification around Tamawood founder and director Lev Mizikovsky’s recent purchases of shares in the building company.

City Beat reported yesterday that Mizikovsky has purchased an additional $122,000 in stock amid a slide in the value of the shares.

Tamawood clarified yesterday that the shares were part of Mizikovsky’s order placed prior to the half yearly accounts being released – an order he was unable to change due to the company’s trading policy for directors around blackout periods.

Given the heightened risk of actual or perceived insider trading, during blackout periods directors and senior executives must not alter any orders to buy or sell that currently sit on broker screens.

Meanwhile, Mizikovsky has popped up as a substantial shareholder in dental clinic operator Smiles Inclusive, which listed on the ASX last year. Mizikovsky purchased a 5.2 per cent stake in the company for $823,000 in a series of purchases in December and January, according to a filing to the ASX.