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Asia

Westpac Banking's 'Unrealistic' Sales Targets for Home Loans Will Hurt Mortgage Competition, Finance Sector Union Says

Westpac Banking (ASX:WBC, NZE:WBC) has set "unrealistic" sales targets for employees managing home loans, risking a possible exodus of lending staff that could further reduce competition in Australia's mortgage market, Australia's Finance Sector Union (FSU) said Monday.Some staff have seen quarterly targets rise by around 15%, while others have been hit with a 33% rise "without consultation or explanation," raising the prospect of burnout and resignations, the FSU said.The union noted that Westpac executives have said that the Australian government's changes to the capital gains tax have already resulted in a 20% drop in investor loan applications, and forecasts for waning housing demand will exert more pressure on employees to meet the revised goals.The new targets will hurt competitiveness in a retail home loan market that is dominated by Commonwealth Bank of Australia (ASX:CBA) and Macquarie Group (ASX:MQG) unit Macquarie Bank, according to the FSU.The union urged Westpac to "properly consult with workers over the targets, commit to one national framework for determining targets along with more transparency surrounding the process, and adjust the targets to reflect changing market conditions."Westpac did not immediately respond to a request for comment from.The company's ASX-listed shares gained 1% in recent Monday trade, while Commonwealth Bank of Australia and Macquarie Group both rose past 1%.

ASX:CBAASX:MQGASX:WBCNZE:WBC
Asia

Australian Banks Boost Business Lending in Wake of Sustained Margin Compression in Mortgage Sector, Fitch Says

Sustained margin compression in the highly competitive mortgage sector drove Australia's major banks to boost their business lending over the past three years, Fitch Ratings said in a note on Monday.This rapid expansion is considered a source of heightened asset-quality risk through the cycle, particularly if macroeconomic conditions weaken further, the ratings firm added. It expects impaired loan ratios to rise across the sector over the next 12 months in the wake of higher interest rates, persistent inflation, and a moderate increase in unemployment.Westpac Banking (ASX:WBC, NZE:WBC) saw 39% business loan growth over the three years to March 31, leading the pack. National Australia Bank (ASX:NAB), however, retained the highest business loan concentration at around 40% of total loans.The banks' "aa-" asset-quality scores are sustained by strong collateral positions, but a prolonged macroeconomic deterioration or loosening of underwriting standards could accelerate credit stress.

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

New Zealand Banks Used Fraud Intelligence Exchange to Recover NZ$10 Million of Stolen Funds, Banking Association Says

Banks in New Zealand used the Fraud Intelligence Exchange (FIX) system to recover roughly NZ$10 million in stolen funds during the past nine months, the New Zealand Banking Association said Monday."It's worth noting that the NZ$10 million only relates to FIX, which is just one tool banks use to help recover customer scam losses," said Roger Beaumont, the association's chief executive.FIX also revealed nearly 5,000 money mule accounts, which are domestic bank accounts scammers use to transfer stolen funds, sometimes without the knowledge of the account owner.ANZ Group's (NZE:ANZ, ASX:ANZ) New Zealand shares added about 2% in recent Monday trade, while its Australian shares gained 1%. Westpac Banking's (NZE:WBC, ASX:WBC) Kiwi and Australian shares each rose 1%. Shares of Commonwealth Bank of Australia (ASX:CBA), which owns ASB Bank in New Zealand, jumped past 1%.

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

Commonwealth Bank of Australia Invests AU$6 Million to Upgrade Ballarat, Victoria Branch

Commonwealth Bank of Australia (ASX:CBA) spent AU$6 million to upgrade its Bridge Mall branch in Ballarat, Victoria, offering improved accessibility and access to specialist support, the company said Monday.The new branch is part of a broader commitment to enhance the bank's s branch network, with an additional AU$140 million of investments planned in fiscal 2027 to strengthen access to banking services, the company said.The bank's shares gained about 2% in recent Monday trade.

ASX:CBA
International

Australian Bank Funding Gap Expected to Decline Around 14% Over Next 12 Months, BofA Securities Says

The bank funding gap in Australia is expected to decline around 14% over the next 12 months to around AU$1 trillion by June 2027 from around AU$1.2 trillion, as tax changes lead to slower credit growth, BofA Securities said in a Thursday note.Changes to capital gains tax and negative gearing are expected to materially slow investor mortgage lending. Investors accounted for around 40% of mortgage flows over the past year. Consecutive central bank hikes and negative sentiment have weighed on the housing market, with house prices expected to remain flat this year.The recent strength in deposit growth is expected to continue. Slower credit growth should reduce banks' demand for high‐quality liquid assets, which has been a key support for semis. A narrower bank funding gap implies reduced bank bill issuance.Banks have reduced their reliance on wholesale funding in recent years, while deposits as a proportion of total funding improved to 67.5%, the note said. Commonwealth Bank of Australia (ASX:CBA) has the strongest customer deposit base, with deposits accounting for 79.4% of funding.

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

ASB Bank to Extend Solar Energy System Loan Program

Commonwealth Bank of Australia (ASX:CBA) unit ASB Bank extended its SMART Solar Loan program until June 30, 2027, which provides up to NZ$150,000 interest-free for five years on solar and battery systems, according to a Thursday statement.The program is supported by Power My Farm, an online tool developed by Prism Earth for ASB, which uses laser mapping to identify the best location for solar panels on farmland.Commonwealth Bank's shares fell 1% in recent trading on Thursday.

ASX:CBA
Asia

Commonwealth Bank of Australia Faces Shareholder Damages Claims in High Court

Commonwealth Bank of Australia (ASX:CBA) shareholders will seek damages in Australia's High Court on Thursday over the bank's alleged failure to disclose a AU$700 million fine to the market, which they argue inflated the value of shares, according to court documents.The bank agreed to pay the fine in 2018 after the Australian Transaction Reports and Analysis Center (AUSTRAC) investigated it over failures related to anti-money laundering rules, including the late filing of 53,506 transactions that met the reporting threshold.A group of shareholders claims the issues became public knowledge only after AUSTRAC issued a press release in 2017, even though the bank was aware of them earlier.The shareholders are seeking compensation "for the inflated value of their shares attributable to the bank's wrongful failure to inform the market," according to the court documents.An earlier court decision found that the shareholder group failed to quantify their losses and was not able to prove that a share price drop of AU$3.29 for the Commonwealth Bank of Australia was fully attributable to the non-disclosure. The group is now challenging the dismissal of their damages claim in the High Court.

ASX:CBA
Asia

Update: Commonwealth Bank of Australia's ASB Bank Hit With Nearly NZ$7 Million Penalty for Anti-Money Laundering Rules Violations

(Updates with a statement from ASB Bank in the last two paragraphs.)Commonwealth Bank of Australia (ASX:CBA) unit ASB Bank must pay a civil pecuniary penalty of NZ$6.7 million under a High Court ruling for seven breaches of anti-money laundering and terrorism financing rules, the Reserve Bank of New Zealand said Wednesday in a statement welcoming the decision.The ruling marks the largest ever penalty imposed by a New Zealand court under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009, the central bank said.The Reserve Bank of New Zealand launched proceedings against ASB in December 2025 after an investigation. It said ASB cooperated with the probe and admitted to all seven violations."Transaction monitoring is a key pillar to detect money laundering and terrorism financing," said Angus McGregor, the central bank's acting assistant governor financial stability. "It is incumbent on banks to ensure their systems and processes are robust and sufficiently recognize and mitigate these risks."In a statement following the ruling, ASB CEO Vittoria Shortt said the bank accepts the court's findings and the penalty, adding that it has taken measures to strengthen compliance systems."In particular, we accept responsibility for shortcomings in our transaction monitoring and customer due diligence systems and processes," Shortt said. "We accept we didn't act fast enough to resolve the issue and I apologize for that."

ASX:CBA
Asia

Commonwealth Bank of Australia's ASB Bank Unit Hit With Nearly NZ$7 Million Penalty for Anti-Money Laundering Rules Violations

Commonwealth Bank of Australia (ASX:CBA) unit ASB Bank must pay a civil pecuniary penalty of NZ$6.7 million under a High Court ruling for seven breaches of anti-money laundering and terrorism financing rules, the Reserve Bank of New Zealand said Wednesday in a statement welcoming the decision.The ruling marks the largest ever penalty imposed by a New Zealand court under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009, the central bank said.The Reserve Bank of New Zealand launched proceedings against ASB in December 2025 after an investigation. It said ASB cooperated with the probe and admitted to all seven violations."Transaction monitoring is a key pillar to detect money laundering and terrorism financing," said Angus McGregor, the central bank's acting assistant governor financial stability. "It is incumbent on banks to ensure their systems and processes are robust and sufficiently recognize and mitigate these risks."Commonwealth Bank of Australia did not immediately respond to a request for comment from.

ASX:CBA
Asia

Karoon Energy Says Commonwealth Bank Ceases to Be Substantial Holder

Karoon Energy (ASX:KAR) said Commonwealth Bank of Australia (ASX:CBA) and its related entities ceased to be substantial holders in the company on June 8, according to a Tuesday Australian bourse filing.The company's shares were up 1% in recent Tuesday trade.

ASX:CBAASX:KAR
Asia

Market Chatter: Australian Banks Face Weaker Loan Growth, Higher Losses as Housing Outlook Clouds, Says Morgan Stanley, The Australian Reports

Australian Banks will be impacted by the changed property tax concessions, which will "fundamentally alter" the outlook for housing mortgage growth, which is expected to grow by just 3% in fiscal 2027, well below recent trends, according to a Friday report in The Australian, citing Morgan Stanley Analyst Richard Wiles.Morgan Stanley has cut its price targets for all major banks by around 6%, the report said.Owner occupiers will not be able to fill the gap left by expected flat investor loan balances in fiscal 2027, said Wiles.Morgan Stanley expects weaker loan growth, new margin headwinds, higher loss rates, and greater scrutiny of capital buffers, resulting in further downgrades for major Australian banks, the report added.According to the report, ANZ (ASX:ANZ, NZE:ANZ) is Wiles' top pick, while NAB (ASX:NAB), Commonwealth Bank of Australia (ASX:CBA), and Westpac (ASX:WBC, NZE:WBC) are rated underweight.Shares of ANZ, WBC, CBA, and NAB were down almost 1% each in recent Friday trade.(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:ANZASX:CBAASX:NABASX:WBCNZE:ANZNZE:WBC
Asia

Macquarie Group Continues to Outperform Banking Majors with Superior, Fully Digitized Platform, Jarden Says

Macquarie Group (ASX:MQG) continues to outperform banking majors with a simple and fully digitized platform, according to Jarden in a Thursday note.At this pace, Macquarie may surpass around 10% market share on both sides of the balance sheet in the near term. Commonwealth Bank of Australia's (ASX:CBA) net interest margin edge, free deposits look tenuous with IT and competition from Macquarie, ANZ Group Holdings (ASX:ANZ, NZE: ANZ), National Australia Bank (ASX:NAB), and potentially, stablecoins. Strong volumes are offset by competition.Jarden considered the fiscal year 2026 Australian budget as changing incentives, increasing complexity, and exacerbating the skew to financialization over increasing physical industrial capacity.High valuations reflect market index concentration and disappointment in other sectors, but expose major banks to abrupt and extreme mean reversion if the status quo changes.The investment firm assigned ANZ Group an overweight rating and price target of AU$35.50 per share. It also has sell ratings on Commonwealth Bank, National Australia Bank, and Westpac Banking (ASX:WBC, NZE:WBC) with price targets of AU$90 per share, AU$29 per share, and AU$31 per share, respectively.It also assigned Macquarie a buy rating with a price target of AU$250 per share, Bendigo and Adelaide Bank (ASX:BEN) a neutral rating with a AU$11 per share price target, Bank of Queensland (ASX:BOQ) a sell rating with a price target of AU$5.50 per share, and Judo Capital Holdings (ASX:JDO) a buy rating with a price target of AU$2.50 per share.

ASX:ANZASX:BENASX:BOQASX:CBAASX:JDOASX:MQGASX:NABASX:WBCNZE:ANZNZE:WBC
Asia

NZ Commerce Commission Proposes Caps on Interchange Fees for Commercial Credit Cards

The Commerce Commission of New Zealand released its draft decision to introduce caps on interchange fees for Mastercard and Visa commercial credit cards in a bid to have a more "fair and efficient" payments system, the competition, consumer, and regulatory agency said on Thursday.New Zealand businesses currently pay roughly NZ$125 million in interchange fees annually to accept Mastercard and Visa commercial credit cards, and the proposed caps are expected to reduce these costs by NZ$40 million per year.The final decision will be made later in the year, according to Commissioner Bryan Chapple.Westpac Banking (ASX:WBC, NZE:WBC) shares fell marginally in morning trade in New Zealand, while ANZ Group (ASX:ANZ, NZE:ANZ) shares were down nearly 1%.

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

HUB24 Says Commonwealth Bank Holds 5.02% Stake in Firm

HUB24 (ASX:HUB) said Commonwealth Bank of Australia (ASX:CBA) became a substantial holder of the firm on Thursday, with a total voting power of 5.02%, according to a Friday Australian bourse filing.The bank and its associates held a total of 4.1 million of its fully paid ordinary shares.

ASX:CBAASX:HUB
Asia

Market Chatter: New Zealand Finance Minister Doesn't Want Banks to Pass Costs of Prudential Levy to Customers

New Zealand Finance Minister Nicola Willis said she would be "extremely disappointed" if the country's banks decide to pass on the costs of a new prudential levy to their customers, interest.co.nz reported Friday.The government is implementing a prudential levy on banks, non-bank deposit takers, insurers, and financial market infrastructure providers as part of its 2026 budget. The levy would support cost recovery for the central bank's statutory prudential functions and is expected to generate roughly NZ$209 million during the next four years, according to the report.The government believes revenue from the new levy would represent less than 1% of the aggregate profit of ANZ Group Holdings (ASX:ANZ, NZE:ANZ), Westpac Banking (ASX:WBC, NZE:WBC), Heartland Group Holdings (ASX:HGH, NZE:HGH), and Commonwealth Bank of Australia (ASX:CBA) unit ASB Bank."I would like to send them a very clear message: They are some of the most profitable banks in the world. Other counties around the world have these levies and you haven't seen it being passed through," Willis said in an interview with interest.co.nz.Westpac, Heartland, and Commonwealth Bank did not immediately respond to requests for comment from. ANZ deferred to the New Zealand Banking Association, which did not immediately reply to an email.(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:ANZASX:CBAASX:HGHASX:WBCNZE:ANZNZE:HGHNZE:WBC
Asia

APRA to Keep Macroprudential Policy Settings for Banks Unchanged

The Australian Prudential Regulation Authority (APRA) is set to keep its macroprudential policy settings steady after a review of domestic and international financial conditions and risks, according to a statement on Thursday.The regulator confirmed that the mortgage serviceability buffer will remain at 3 percentage points and that the countercyclical capital buffer will remain at 1% of risk-weighted assets.It also said that the high debt-to-income lending limits will remain unchanged, allowing banks to lend up to 20% of new owner-occupied and investment loans at debt-to-income ratios greater than or equal to six times.APRA noted that while households remain highly indebted, there are signs of moderation in housing prices and credit growth. Business credit growth remains above its historical average. The pressure on household and business cash flows has increased due to higher inflation and interest rates, but nonperforming loans remain low."The banking system remains well-capitalized and resilient and is well-positioned to absorb shocks should economic conditions deteriorate significantly," the regulator said.The watchdog said that high debt-to-income ratio lending remains well below its limits, citing preliminary March quarter data and concluding that the limits are not restricting overall bank lending.

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

ASX Midday Sector Update: Information Technology Stocks Advance, Financial Sector Struggles

Information technology stocks advanced nearly 2% at midday Wednesday.Xero (ASX:XRO) shares rose marginally in recent trade as AustralianSuper's voting power in the company increased to 9.17% from 8.13%, effective May 22.On the flip side, the financial sector struggled, shedding more than 1%.Shares of Commonwealth Bank (ASX:CBA) fell past 1% in recent trade.

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Asia

Commonwealth Bank of Australia's AI-Powered 'CommBank Companion' Enters Application Testing

Commonwealth Bank of Australia (ASX:CBA) has started trialing "CommBank Companion," a generative artificial intelligence tool embedded in its mobile banking app that lets retail and business customers ask questions, track finances, and receive real-time insights to help manage spending, budgeting, and cash flow, according to a Tuesday statement by the bank.The system enables users to understand and manage their finances through natural-language queries within a secure banking environment governed by strict privacy, safety, and risk controls.The tool is initially being tested with employees and selected business banking customers, with wider customer testing planned, and is intended to support decision-making rather than provide financial advice or act on users' behalf.The bank's shares fell 1% in recent Tuesday trade.

ASX:CBA
Asia

Market Chatter: Commonwealth Bank of Australia CEO Says AI Will Affect Jobs Throughout the Economy, AFR Reports

Commonwealth Bank of Australia's (ASX:CBA) Chief Executive Officer Matt Comyn said on Tuesday that Artificial Intelligence will affect jobs throughout the economy, according to a Tuesday report by the Australian Financial Review.CBA, which invests AU$2.4 billion annually in technology and capabilities, will roll out new AI-enabled services in the coming months for retail and business customers. Comyn said.Comyn said that it's not fair to pretend that every role can be preserved, and the jobs that may disappear are easier to foresee than to imagine all the new roles that can be created with AI, the report added.CBA will have smaller teams for some of its work, as many other organizations, Comyn added.(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
Asia

Lending of up to NZ$1.2 Billion to be Made Available Under Gas Transition Loan Guarantee Scheme, New Zealand Finance Minister Says

New Zealand's new Gas Transition Loan Guarantee Scheme is expected to make up to NZ$1.2 billion of bank loans available to businesses to eliminate or reduce their dependency on gas, the country's minister of finance, Nicola Willis, said in a statement on Monday.The maximum value of a supported loan under the scheme will be NZ$50 million. A business must be a current user of reticulated New Zealand natural gas with annual gas consumption of at least 1,000 gigajoules to be eligible for lending under the scheme.The scheme is expected to be available for three years, with loans expected to be repayable within 10 years, subject to terms agreed between banks and borrowers.The country's Budget 2026 sets aside NZ$48 million to cover potential losses from the scheme, and the government will guarantee 80% of each supported loan in order for banks to pass on lower interest rates to borrowers.

ASX:ANZASX:CBAASX:WBCNZE:ANZNZE:WBC

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