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Asia

Market Chatter: Commonwealth Bank of Australia Steps Up Pressure on Regulators Over Macquarie's Capital Advantage

Commonwealth Bank of Australia (ASX:CBA) has stepped up pressure on financial regulators over what it describes as an unfair structural advantage enjoyed by Macquarie (ASX:MQG), according to a Monday report by the Australian Financial Review.A CBA-commissioned economic analysis from consulting firm Mandala, which was seen by AFR, argues that Macquarie's banking operations report a common equity tier 1 (CET1) capital ratio that understates its true risk exposure, supporting Macquarie's rapid growth in mortgages and deposits, the report added.An Australian Prudential Regulation Authority (APRA) spokesperson said in a response to anemail request for comment that it deprioritized its work on developing a new prudential standard for Level 3 non-operating holding companies, which started in 2022, after the 2023 banking turmoil and now will instead progressively review legacy banking non-operating holding company authorizations to ensure they remain fit for purpose and reflect underlying risks.CBA declined to comment, while Macquarie did not immediately respond to' email request for comment.(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:CBAASX:MQG
Asia

Banks Help Businesses Prepare for RBA's Card Surcharge Changes, Australian Banking Association Says

The Reserve Bank of Australia's (RBA) card surcharge reforms are planned to take effect from Oct. 1, and Australian banks are working with businesses to prepare for these changes, Australian Banking Association Chief Executive Simon Birmingham said, according to a Monday statement.Under the reforms, businesses will no longer be allowed to add a surcharge when customers pay with eftpos, Visa, or Mastercard, and businesses will have increased transparency to better understand and compare payment costs.The RBA estimated that only one in every six businesses chooses to apply a card surcharge, Birmingham said.The RBA also cut the cap on domestic interchange fees for banks to 0.3% from 0.8% for personal credit cards. The new interchange caps for foreign-issued cards will apply from April 1, 2027.

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

CAR Group Says Commonwealth Bank of Australia No Longer a Substantial Holder

CAR Group (ASX:CAR) said Commonwealth Bank of Australia (ASX:CBA) ceased to be a substantial holder of the company on Sept. 10, according to a Friday filing with the Australian bourse.Commonwealth Bank earlier this week disclosed ownership of about 19 million CAR Group shares, representing voting power of 5%.CAR Group's shares fell 2% in recent Friday trade.

ASX:CARASX:CBA
Asia

New Zealand Banks' Senior Creditors to Benefit From Potential Issuance of Loss-Absorbing Capacity Instruments, Fitch Says

The senior creditors of New Zealand's four largest banks are expected to benefit from resolution debt buffers built by their Australian parents once New Zealand regulators allow for the issuance of loss-absorbing capacity (LAC) instruments, Fitch Ratings said Thursday.The Reserve Bank of New Zealand's new capital framework mandates internal issuance of LAC instruments to the Australian parents, supporting a single point of entry approach to resolution."We believe the placement of such instruments would provide a mechanism for the New Zealand subsidiaries to access the LAC buffers raised by their parents, reinforcing the subsidiaries' position within the parent banks' broader resolution groups," the ratings agency said.As such, Fitch has revised the outlooks on ANZ Group Holdings (ASX:ANZ, NZE:ANZ) unit ANZ Bank New Zealand, Commonwealth Bank of Australia (ASX:CBA) unit ASB Bank, Westpac Banking (ASX:WBC, NZE:WBC) unit Westpac New Zealand, and Bank of New Zealand to positive from stable.It added that New Zealand regulators are likely to allow for the issuance of LAC instruments by late 2028.

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

Australian Banking Association Says Former ASIC Deputy Chair to Conduct Banking Code Review

Australian Banking Association said that former Australian Securities and Investments Commission (ASIC) Deputy Chair Peter Kell will conduct a five-yearly independent review of the Banking Code of Practice, according to a Monday statement.The review will include public consultations from customers, consumer groups, small business groups, industry stakeholders, and others.Consultation with stakeholders is expected to begin in October, with an interim report published in March 2027 and the final report with detailed findings and recommendations released in June 2027.

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

Armaguard's Designation Under Cash Distribution Framework Helps Ensure Cash Availability, Australian Banking Association Says

The designation of cash-in-transit operator Armaguard under Australia's Cash Distribution Framework Act will help provide continued stability to the distribution and availability of cash across the economy, the Australian Banking Association (ABA) said Thursday.The Reserve Bank of Australia disclosed the designation in a same-day statement, saying the move makes Armaguard a regulated entity that is subject to requirements designed to support a sustainable and efficient cash distribution system.The designation should provide further certainty for cash distribution amid a decline in cash usage in Australia, the ABA said. It added that banks and retailers have injected over AU$100 million in financial assistance above contractual conditions to Armaguard over the last two years.Commonwealth Bank of Australia (ASX:CBA), National Australia Bank Limited (ASX:NAB), Westpac Banking (ASX:WBC, NZE:WBC), and ANZ Group Holdings (ASX:ANZ, NZE:ANZ) are among the members of the ABA.

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

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

Financial stocks advanced almost 1% at midday Thursday.Commonwealth Bank (ASX:CBA) gained nearly 1% in recent trade.On the flip side, the energy sector struggled, shedding 1%.Woodside Energy Group (ASX:WDS) shares fell nearly 3% in recent trade.

ASX 200ASX:CBAASX:WDS
Asia

Karoon Energy Says CBA Ceases to be Substantial Shareholder

Karoon Energy (ASX:KAR) received notice that Commonwealth Bank of Australia (ASX:CBA) and its affiliates are no longer substantial holders of the company from Wednesday, according to a Thursday filing with the Australian bourse.CBA and its affiliates became a substantial holder of the company on Tuesday, with a total voting power of 5.02%, an earlier filing showed.

ASX:CBAASX:KAR
Asia

Pureprofile Extends CBA Secured Loan Facility to 2029

Pureprofile (ASX:PPL) refinanced and extended its secured loan facility with Commonwealth Bank of Australia (ASX:CBA) to Nov. 30, 2029, replacing the existing facility due to mature in November, according to an Australian bourse filing on Wednesday after market hours.The amended facility provides a AU$2.5 million funding limit, with the line fee reduced to 2.85% from 4.2% per year plus the bank bill swap yield, per the filing.Quarterly principal repayments of AU$50,000 will be made, while all existing guarantees and security arrangements will remain unchanged, the filing added.

ASX:CBAASX:PPL
Asia

Karoon Energy Says Commonwealth Bank Ceases to Be Substantial Holder; Shares Fall 3%

Karoon Energy (ASX:KAR) said Commonwealth Bank of Australia (ASX:CBA) and its related entities ceased to be a substantial holder in the company on Aug. 31, according to a Tuesday Australian bourse filing.Karoon Energy's shares were up almost 3%, while Commonwealth Bank's shares were down almost 1% in recent Tuesday trade.

ASX:CBAASX:KAR
Asia

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

Financial stocks advanced nearly 2% at midday Monday.Commonwealth Bank (ASX:CBA) shares rose more than 2% in recent trade after reporting that it will reduce its merchant service fee for in-store payments to roughly 1% per transaction from 1.1% for customers on simple flat-rate pricing starting from Oct. 1.On the flip side, the materials sector struggled, shedding almost 3%.BHP Group (ASX:BHP) shares were down nearly 3% in recent trade.

ASX 200ASX:BHPASX:CBA
Asia

Commonwealth Bank of Australia to Cut Merchant Service Fee for In-Store Payments

Commonwealth Bank of Australia (ASX:CBA) will reduce its merchant service fee for in-store payments to roughly 1% per transaction from 1.1% for customers on simple flat-rate pricing starting from Oct. 1, according to a Monday statement.The reduction, which coincides with the removal of card surcharging from Oct. 1, makes the merchant service fee "one of the lowest rates in market," the bank said.The change aims to help businesses better manage the cost of accepting card payments, the company added.Its shares gained over 2% in recent Monday trade.

ASX:CBA
Treasury

Commonwealth Bank of Australia Issues Subordinated Fixed Reset Notes Worth SG$325 Million

Commonwealth Bank of Australia (ASX:CBA) it issued SG$325 million worth of subordinated fixed reset notes due Aug. 27, 2036, on Thursday, according to a same-day Australian bourse filing.The notes potentially exchange into fully paid ordinary shares of the bank if a non-viability trigger event occurs. The number of ordinary shares issued on exchange is limited to 8,178 ordinary shares per subordinated security, with a nominal value of AU$276,449.The notes carry an initial interest rate of 3.150% per annum, and the reset date is Aug. 27, 2031.

ASX:CBA
Asia

Commonwealth Bank of Australia Reaches AU$249 Million In-Principle Agreement to Settle Class Action

Commonwealth Bank of Australia (ASX:CBA) reached an in-principle agreement to settle a class action against the company and its Colonial First State Investments and Avanteos Investments affiliates for AU$249 million, according to a Wednesday filing with the Australian bourse.The litigation is related to certain cash and deposit options issued by Commonwealth Bank and offered through Colonial First State superannuation and wrap products between November 2008 and September 2021.The agreement is subject to approval from Australia's Federal Court.Commonwealth Bank of Australia and its affiliates made no admission of liability or wrongdoing in agreeing to settle the matter. The bank said the settlement is covered by a previously recognized provision.

ASX:CBA
International

Increase in Australia's Jobless Rate Adds to Case for RBA to Keep Interest Rates Steady, CBA Says

The increase in Australia's jobless rate adds to the case for the Reserve Bank of Australia (RBA) to hold off on hiking interest rates again, Commonwealth Bank of Australia (ASX:CBA) said in a Friday note.The country's seasonally adjusted unemployment rate increased to 4.5% in July from 4.4% in the previous month as employment fell by 15,800 people, data from the Australian Bureau of Statistics (ABS) showed. Wages data for the June quarter showed private sector wages grew 0.7%, the slowest pace since 2021.The fall in employment was well below consensus forecast for a rise of 12,000 jobs. Together, both data were consistent with a gradual softening in the labor market."Overall, the data is supportive of our view that the labor market remains on a solid footing but is slowly loosening and is moving closer to balance. Over time, this should assist in bringing inflation down and supports the case that interest rates have peaked this cycle," according to CBA economist Harry Ottley.The ABS cautioned that a smaller sample size in the July survey meant "the standard errors on estimates are bigger" and fluctuations should be taken with a grain of salt.

ASX 200ASX:CBA
Treasury

Commonwealth Bank of Australia Issues 650 Million Pounds of Subordinated Fixed Reset Notes

Commonwealth Bank of Australia (ASX:CBA) issued 650 million pounds sterling worth of subordinated fixed reset notes due Aug. 21, 2036, on Friday, according to a same-day Australian bourse filing.The notes will carry an initial interest rate of 5.597% per annum payable semi-annually until the optional redemption date of Aug. 21, 2031.The notes potentially exchange into fully paid ordinary shares of the bank if a non-viability trigger event occurs. The number of ordinary shares issued on exchange is limited to the maximum exchange number of 55.28 shares per subordinated security with a nominal value of AU$1,911.53.The lender's shares rose 1% in recent trading on Friday.

ASX:CBA
Asia

ACCC Proposes Approval of Regional Multi-Bank ATM Trial

The Australian Competition and Consumer Commission (ACCC) is proposing to approve a regional automated teller machine trial for multi-bank withdrawals and deposits, it said Friday.Under the trial to be conducted by the Australian Banking Association and other financial institutions, all holders of an Australian-issued card will be able to withdraw cash on a fee-free basis, while customers of participating banks will be able to deposit cash without a fee.The ACCC said it proposes to grant authorization for three years, and is seeking feedback on its draft determination by Sept. 3 ahead of a final decision.

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

Australia's Financial Regulator to Review Banks' Lending Practices, Perform Stress Tests, Amid Slowing Credit Growth

The Australian Prudential Regulation Authority (APRA) will review banks' lending practices over the next 12 to 18 months to safeguard against potentially weaker lending standards amid slowing credit growth, the regulator said Thursday.In the first half of the review period, APRA will prioritize banks' lending to small and medium-sized businesses before increasing its focus on housing lending standards in the second half of the period.The review forms part of the regulator's latest corporate plan, under which it plans to maintain financial system safety and stability without creating undue costs for the industry."As we look across the operating environment, it's clear that the international and domestic economic environments remain challenging," said APRA Chair John Lonsdale. "Geopolitical tensions continue to have economic impacts on inflation, trade relationships and cost-of-living pressures."Additionally, APRA will conduct a joint stress-test exercise with the Reserve Bank of New Zealand to gauge resilience against a severe economic downturn at both the parent and subsidiary bank level. It will also start work on a new system-risk stress test to build on the entity-level testing.The shares of Australia's top banks, some of which have flagged a slowdown in mortgage applications, were lower in recent Thursday trade.Commonwealth Bank of Australia (ASX:CBA) fell nearly 3%, while ANZ Group Holdings (ASX:ANZ, NZE:ANZ), Westpac Banking (ASX:WBC, NZE:WBC), National Australia Bank Limited (ASX:NAB), and Bendigo and Adelaide Bank Limited (ASX:BEN) all shed about 2%.

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

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

Materials stocks advanced 2% at midday Thursday.BHP Group (ASX:BHP) gained nearly 3% in recent trade.On the flip side, the financial sector struggled, shedding almost 2%.Commonwealth Bank of Australia (ASX:CBA) shares fell past 2% in recent trade.

ASX 200ASX:BHPASX:CBA
Asia

Investigation Finds Potential Widespread Mortgage Fraud, AUSTRAC Says

An investigation called Operation Claw uncovered potential mortgage fraud involving inflated incomes, misrepresented employment and fabricated or unverifiable business activity used to support loan applications, the Australian Transaction Reports and Analysis Center (AUSTRAC) said in a Wednesday statement.AUSTRAC's Fintel Alliance conducted a joint analysis of data from 10 major Australian banks, identifying potentially hundreds of millions of dollars in suspected fraudulent loans, mostly linked to properties in Sydney in New South Wales.The activity was not limited to one lender or borrower group, and recurring warning signs across the participating banks included falsified or misleading documents as well as the repeated use of mortgage brokers, accountants, and law firms across multiple loan applications.AUSTRAC worked with participating banks to identify controls that lenders can use to prevent, detect, and disrupt mortgage fraud. The lenders used the information generated through the investigation to identify potentially fraudulent loans, investigate suspicious activity, strengthen controls, and make further referrals to the authorities. Some banking relationships have been ended, and further action is expected."The same warning signs were found across banks that together cover the vast majority of Australia's mortgage market," AUSTRAC CEO Brendan Thomas said. "Every lender should be looking closely at these findings and asking whether the same vulnerabilities exist in their own business," he added.The Australian Banking Association did not immediately respond to a request for comments from.

ASX:AMPASX:ANZASX:BENASX:BOQASX:CBAASX:CCLASX:MQGASX:MYSASX:NABASX:SUNASX:WBC

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