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Asia

New Zealand Shares Fall; Freightways Group Appoints David Gibson as Chair

New Zealand shares ended lower on Thursday as Asian markets showed a broad-based decline amid the US Federal Reserve's decision to hold rates and Wednesday's Wall Street sell-off.The S&P/NZX 50 Index fell 1.53% or 213.89 points to close at 13,762.78.On Wednesday, the Nasdaq Composite fell 1.7%, the S&P500 declined 1.5%, and the Dow Jones lost 2.2%.The Federal Reserve held its policy rate steady in a divided decision that included three officials calling for policy tightening. The central bank's Federal Open Market Committee maintained the target range for the federal funds rate at 3.50% to 3.75%, marking its fifth consecutive pause.On the domestic front, the ANZ New Zealand Business Outlook rose to a net 56.1 in July, up from 36.6 in June, while expected own activity rose to 49.3 from 36.9, according to a report from ANZ Research.In corporate news, Freightways Group (NZE:FRW, ASX:FRW) appointed board member David Gibson as chair to succeed Mark Cairns, effective Thursday.

^NZ50ASX:ANZASX:CBAASX:FRWASX:NABASX:WBCNZE:ANZNZE:FRWNZE:WBC
Asia

ACCC Grants Australian Banks Further Interim Authorization for Proposed Joint Venture for Commercial Cash Supply

The Australian Competition and Consumer Commission (ACCC) said Thursday it granted further interim authorization to Australia and New Zealand Banking Group (ASX:ANZ, NZE:ANZ), Commonwealth Bank of Australia (ASX:CBA), National Australia Bank (ASX:NAB), National Australia Investment Capital, and Westpac Banking (ASX:WBC, NZE:WBC) to take further steps towards a proposed joint venture to deal with the supply of commercial cash in Australia.The further interim authorization authorizes the banks to agree and enter into, but not give effect to, various agreements, the regulator said. The authorization begins immediately and may be reviewed at any time.The banks sought authorization to establish a single joint cash pool and bailment structure via an incorporated operating entity for the supply of commercial cash in Australia. Under the proposal, each applicant would acquire a 25% shareholding in the entity and a 25% interest in the cash pool. The ACCC determined that the acquisitions may be put into effect on June 26.

ASX:ANZASX:CBAASX:NABASX:WBCNZE:ANZNZE:WBC
Asia

Australian Banks Investing in Technology to Address Mortgage Offset Account Failures, Banking Association Chief Says

Australian banks are taking measures to ensure the proper functioning of mortgage offset accounts, including investments in new technology platforms, Australian Banking Association CEO Simon Birmingham said on Wednesday.Birmingham's comments to the media followed an Australian Securities and Investments Commission (ASIC) report that found major banks failed to properly manage offset accounts in the two years through August 2025.During that period, banks paid more than AU$55 million in customer compensation for offset account failures, the ASIC said after reviewing the offset practices of eight banks, including Westpac Banking (ASX:WBC, NZE:WBC), ANZ Group Holdings (ASX:ANZ, NZE:ANZ), Commonwealth Bank of Australia (ASX:CBA), Macquarie Group (ASX:MQG), AMP's (ASX:AMP) AMP Bank, Credit Union Australia, HSBC Bank Australia, and ING Bank (Australia)."This report shows that in well over 99% of cases, mortgage offset accounts are working exactly [as] they should be, but it does demonstrate there are some failures," Birmingham said."It's a very small proportion of mistakes that have happened, and what ASIC's report shows is it's often due to manual system processes in isolated cases, or communications failures in some cases," Birmingham added.

ASX:AMPASX:ANZASX:CBAASX:MQGASX:WBCNZE:ANZNZE:WBC
Asia

ASX Midday Sector Update: Healthcare Stocks Lead Broad-Based Rally

Healthcare stocks jumped nearly 4%, leading a broad-based rally at midday Wednesday.CSL (ASX:CSL) gained almost 7% in recent trade following news that it will conduct clinical trial work to confirm the efficacy and safety of immunoglobulin manufactured using its Horizon 2 process.Meanwhile, the financial sector edged up nearly 1%.Commonwealth Bank (ASX:CBA) shares inched up in recent trade.

ASX 200ASX:CBAASX:CSL
Asia

Hillgrove Resources Appoints CBA as Tier-1 Banking Partner; Shares Up 6%

Hillgrove Resources (ASX:HGO) has appointed Commonwealth Bank of Australia (ASX:CBA) as its tier-1 banking partner after a competitive selection process, according to a Wednesday Australian bourse filing.CBA will issue a AU$6.6 million bank guarantee to the South Australian Government, replacing current security arrangements and backing the company's rehabilitation commitments, per the filing.The partnership also provides continued hedging support to manage risks, while creating potential opportunities for future debt financing as the company advances its growth strategy, the filing added.Hillgrove's shares rose by around 6% in Wednesday's trade, while CBA gained 1%.

ASX:CBAASX:HGO
Asia

Australian Banks Paid Over AU$55 Million in Customer Compensation Over Mortgage Offset Account Failures, ASIC Says

Major Australian banks failed to properly manage mortgage offset accounts in the two years through August 2025, resulting in customers unknowingly paying more interest than was due, the Australian Securities and Investments Commission (ASIC) said Wednesday following a review of the sector's offset practices.During that period, banks paid more than AU$55 million in customer compensation for offset account failures, and further compensation is expected as the extent of the problem becomes clearer, the regulator said.ASIC reviewed the offset practices of eight banks including Westpac Banking (ASX:WBC, NZE:WBC), ANZ Group Holdings (ASX:ANZ, NZE:ANZ), Commonwealth Bank of Australia (ASX:CBA), Macquarie Group (ASX:MQG), AMP's (ASX:AMP) AMP Bank, Credit Union Australia, HSBC Bank Australia, and ING Bank (Australia).It found deficiencies in how all banks set up, monitored, and managed offset accounts, which are marketed as a simple way to save on mortgage interest over the life of a home loan. Banks struggled to readily identify customer offset account requests and were slow to fix issues, while their detection of failures was inconsistent."Some banks are not getting the basics right," ASIC Chair Sarah Court said, noting that some offset failures went undetected until the ASIC started investigating them.The Australian Banking Association did not immediately respond to a request for comment from.

ASX:AMPASX:ANZASX:CBAASX:MQGASX:WBCNZE:ANZNZE:WBC
Asia

Australian Finance Group Says Commonwealth Bank of Australia Ceases to Be Substantial Holder

Australian Finance Group (ASX:AFG) said Commonwealth Bank of Australia (ASX:CBA) ceased to be a substantial holder of the company's stock on July 16, according to a Friday filing with the Australian bourse.Commonwealth Bank previously held 13.7 million shares of the company for a roughly 5.1% stake, an earlier filing showed.Shares of both Australian Finance Group and Commonwealth Bank of Australia fell nearly 2% in recent Friday trade.

ASX:AFGASX:CBA
Asia

Collins Foods Says Commonwealth Bank Becomes Substantial Holder

Collins Foods (ASX:CKF) said Commonwealth Bank of Australia (ASX:CBA) became a substantial holder of the firm on Thursday, acquiring voting power of 5.05%, according to a Friday Australian bourse filing.The bank holds nearly 6 million ordinary shares of the firm.

ASX:CBAASX:CKF
Asia

Property For Industry Refinances Bank Facilities, Updates Green Finance Framework; Shares Up 3%

Property For Industry (NZE:PFI) completed a refinancing of its bank facilities with ANZ Group (ASX:ANZ, NZE:ANZ) unit ANZ Bank New Zealand, Bank of New Zealand, Commonwealth Bank of Australia (ASX:CBA), and Westpac Banking's (ASX:WBC, NZE:WBC) New Zealand unit, according to a Friday filing with the New Zealand bourse.The refinancing consolidated and restructured a number of facilities, resulting in a revised maturity profile with the facilities now due in July 2029, 2030, and 2031, per the filing.Following the refinancing, total committed bank facilities fell to NZ$600 million from NZ$675 million, the company said.Property For Industry also implemented a new facility structure that enables it to adjust commitments between green and non-green debt tranches, subject to certain conditions, with aggregate tranche limits remaining equal to their total facility limit.Adjustable green tranches give the company more financing flexibility, it said, adding that "all significant new developments will target a 5 Green Star rating."Property For Industry shares gained nearly 3% in recent Friday trade.

ASX:ANZASX:CBAASX:WBCNZE:ANZNZE:PFI
Asia

ASX Midday Sector Update: Energy Stocks Jump, Financial Sector Struggles

Energy stocks advanced nearly 2% at midday Tuesday.Woodside Energy Group (ASX:WDS) gained more than 3% in recent trade.Meanwhile, the financial sector struggled, shedding more than 1%.Commonwealth Bank (ASX:CBA) shares fell past 1% in recent trade.

ASX 200ASX:CBAASX:WDS
Asia

Count Advances Oracle Group Acquisition After ACCC Confirmation

Count (ASX:CUP) received confirmation from the Australian Competition and Consumer Commission (ACCC) that its acquisition of Oracle Group does not require notification, paving the way for completion in the coming weeks, subject to remaining conditions being satisfied, according to a Monday filing with the Australian bourse.The acquisition is expected to considerably grow the company's adviser network, enhance its wealth accounting platform, and strengthen its investment offerings, per the filing.The company has also secured an expanded debt facility with Commonwealth Bank of Australia (ASX:CBA), comprising a AU$77 million acquisition facility, a AU$33 million accordion facility, and a AU$6.6 million working capital facility, the filing said.

ASX:CBAASX:CUP
Wire

Finance Sector Union Accuses Commonwealth Bank of Australia of Using 'Fake Redundancies' to Offshore Jobs

Australia's Finance Sector Union accused Commonwealth Bank of Australia (ASX:CBA) of using "fake redundancies" to offshore jobs, according to a Friday statement from the union.The union said it lodged a formal dispute with the bank, adding that the lender could potentially face further action at the Fair Work Commission if it does not disclose the true reason behind the recent job cuts.The bank had said that 176 technology and engineering roles would be made redundant due to workflow automation, organizational realignments, streamlining, and the consolidation of existing functions.Roles with "similar" job titles and functions as the redundant roles were advertised at CBA India, the union claims.In an emailed statement to, a CBA spokesperson said the job advertisements in CBA India and the proposed changes in Australia are "separate and unrelated.""[We] regularly review the roles and skills we need to deliver the best customer outcomes," the spokesperson said. "Some tasks and skills required are changing, some roles are reducing as programs finish, and new roles are being created."The bank's shares gained about 1% in recent Friday trade.

ASX:CBA
Asia

Australian Finance Group Says Commonwealth Bank of Australia No Longer a Substantial Holder

Australian Finance Group (ASX:AFG) said Commonwealth Bank of Australia (ASX:CBA) ceased to be a substantial holder of the company's stock on Thursday, according to a Friday filing with the Australian bourse.Earlier in the week, Commonwealth Bank of Australia disclosed ownership of about 13.5 million ordinary shares of Australian Finance Group, representing a stake of just over 5%.

ASX:AFGASX:CBA
Asia

Credit Growth Forecast to Half by 2027, Tighten Bank Funding, Jefferies Says

Credit growth is forecast to halve by 2027, which will tighten rather than ease bank funding, and revised deposit modelling shows the sector's loan-to-deposit ratio rising, driving banks to compete more aggressively for a shrinking pool of funding, Jefferies said in a Thursday note.Recently acquired deposit pricing data points to a second half of fiscal 2026 spread tailwind, but deposit scarcity dominates thereafter.Commonwealth Bank is expected to remain the primary deposit beneficiary, reflecting its scale and long-dated hedge book.The investment firm assigned a buy rating to National Australia Bank (ASX:NAB) with a price target of AU$44.96 per share. It assigned hold ratings to both ANZ Group (ASX:ANZ, NZE:ANZ) and Westpac (ASX:WBC, NZE:WBC), with price targets of AU$33.71 per share and AU$34.95 per share, respectively.Commonwealth Bank of Australia (ASX:CBA) was assigned an underperform rating with a price target of AU$144.40 per share.

ASX:ANZASX:CBAASX:NABASX:WBCNZE:ANZNZE:WBC
Asia

Market Chatter: Commonwealth Bank of Australia to Let Go of 170 Technology Staff

Commonwealth Bank of Australia (ASX:CBA) plans to let go of 170 members of its technology teams, The Australian reported Friday.The bank notified staff on Friday, according to the report."CBA employs around 49,000 people across Australia. Within a workforce of this scale, there is ongoing movement through hiring, internal mobility and recruitment in priority capability areas," a CBA spokesperson said in an emailed statement to. "We also regularly review the roles and skills we need to deliver the best customer outcomes. Some tasks and skills required are changing, some roles are reducing as programs finish, and new roles are being created."(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

ASX:CBA
Japan

ASX Midday Sector Update: Financial Stocks Advance, Utilities Sector Struggles

Financial stocks advanced 1.2% at midday Thursday.Commonwealth Bank (ASX:CBA) shares rose marginally in recent trade.On the flip side, the utilities sector struggled, shedding 3%.Origin Energy (ASX:ORG) shares fell past 4% in recent trade.

ASX 200ASX:CBAASX:ORG
Asia

New Zealand's FMA to Ensure Banks Prioritize Consumer Needs in Products

New Zealand's Financial Markets Authority (FMA) will focus on ensuring that banks and non-bank deposit takers prioritize consumer needs when developing new products or redesigning existing ones while keeping in mind the capabilities and limitations of their systems and processes, according to FMA's Financial Conduct Report published on Tuesday.The report sets out the watchdog's regulatory priorities for the 2026 to 2027 financial year, covering specific sectors and cross-sector themes.FMA acknowledged that financial institutions review products and services, with most doing so both reactively and proactively. But in some cases, the absence of negative reporting is taken as confirmation that consumers are being treated fairly. It also saw cases where communication with consumers about changes to products and services following reviews was inconsistent.The regulator plans to increase its understanding of how banks and non-bank deposit takers ensure that their provision of transaction account services complies with the fair conduct principle and minimum fair conduct program requirements over the next 12 months.It said it would engage with banks and non-bank deposit takers to understand how complaints data is used. The regulator's focus is on ensuring that boards and executives regularly use the themes and trends in complaints data as an input into decisions to improve product and service offerings.

ASX:ANZASX:CBAASX:HGHASX:WBCNZE:ANZNZE:HGHNZE:WBC
Asia

New Zealand Shares Rise; APRA Starts Consulting on Proposed Changes to Banks' Credit Risk Capital Settings

New Zealand shares closed higher on Monday while Asian markets digested the US and Iran's agreement to halt renewed hostilities.The S&P/NZX 50 Index rose 0.37% or 50.32 points to close at 13,545.56.Iran and the US have agreed to halt recent hostilities in the Gulf and renew talks over their dispute regarding the Strait of Hormuz, according to a Sunday Reuters report, citing a US official.In domestic news, the seasonally adjusted number of filled jobs across New Zealand industries rose 0.3% month on month to 2.4 million in May, following a 0.1% decrease in the previous month, data from Stats NZ showed.Also, the total enterprise count in New Zealand in May was 598,137, down from 591,693 in the same period last year, according to figures released by Stats NZ.Further, construction cost growth in major New Zealand centers largely stabilized in June, with key cost rates showing minimal movement, QV said in a report.Meanwhile, the Reserve Bank of New Zealand (RBNZ) is expected to raise the cash rate by 25 basis points at its July meeting, according to a report by BNZ Research.In corporate news, the Australian Prudential Regulation Authority (APRA) started consulting on proposed amendments to banks' credit risk capital settings as part of a reform package to bank capital and liquidity settings, the prudential regulator said in a statement.

^NZ50ASX:ANZASX:CBAASX:NABASX:WBCNZE:ANZNZE:WBC
Asia

APRA Starts Consulting on Proposed Changes to Banks' Credit Risk Capital Settings

The Australian Prudential Regulation Authority (APRA) started consulting on proposed amendments to banks' credit risk capital settings as part of a reform package to bank capital and liquidity settings, the prudential regulator said in a statement on Monday.Key proposals include allowing a lower risk weight for large domestic public infrastructure exposures and for high-quality unrated corporate exposures, subject to certain criteria, and adjusting criteria to allow for more exposures to qualify for the lower 100% risk weight for residential property development, the regulator said.APRA plans to finalize credit risk capital changes in the second half of the year for a proposed effective date of April 1, 2027, per the statement.ANZ Group (ASX:ANZ, NZE:ANZ) shares rose marginally in morning trade in Australia.Commonwealth Bank (ASX:CBA) shares rose 1%, while National Australia Bank (ASX:NAB) were up nearly 1%.Westpac Banking (ASX:WBC, NZE:WBC) shares were up almost 1%.

ASX:ANZASX:CBAASX:NABASX:WBCNZE:ANZNZE:WBC
Asia

ASX Preview: Australian Shares Set to Fall as Oil Rises on Ceasefire Doubts; Macquarie Group Completes AU$734 Million Employee Equity Share Purchase

Australian shares are poised to fall on Friday as oil prices edged higher on renewed geopolitical tensions after US Vice President JD Vance warned Israel over Lebanon operations, raising uncertainty over the US-Iran ceasefire.Overnight, the S&P 500, the Nasdaq Composite, and the Dow Jones Industrial Average rose 1.1%, 1.9%, and 0.1%, respectively.In corporate news, Macquarie Group (ASX:MQG) has completed the acquisition of about AU$734 million in shares for its 2026 employee retained equity plan awards at a weighted average price of AU$238.80 per share, while seeking shareholder approval to issue 55,402 restricted share units to its chief executive under its annual general meeting.Commonwealth Bank of Australia (ASX:CBA) appointed Victoria Ledda as group chief information officer and Rodrigo Castillo as group chief technology officer, effective July 1, subject to regulatory approval.Australia's benchmark index fell 0.6% or 55.2 points to close at 8,911.10 on Thursday.

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