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Asia

Westpac Banking Becomes First New Zealand Bank to Receive RBNZ Approval for Zespri Shares-Secured Lending

Westpac Banking's (NZE:WBC, ASX:WBC) Westpac NZ said Tuesday it has become the first New Zealand bank to receive approval from the Reserve Bank of New Zealand to provide loans secured by Zespri shares.The bank said in a Tuesday statement that kiwifruit growers who become or are Zespri shareholders can use any Zespri shares they own as security when applying for lending, as well as access finance to support the purchase of additional shares.Westpac's Australian and New Zealand shares each rose 1% in recent Tuesday trade.

ASX:WBCNZE:WBC
Asia

Update: Market Chatter: Westpac Bankers Questioned by APRA Over Deficiencies in Small-Business Lending

(Updates with a response from APRA in the last paragraph.)Westpac Banking (ASX:WBC, NZE:WBC) bankers, including business banking chief Paul Fowler were questioned by the Australian Prudential Regulation Authority (APRA) this week over a range of shortcomings in the company's small-business lending operations, the Australian Financial Review reported Friday, citing sources with knowledge of the matter.APRA talked to more than 20 Westpac bankers after an internal report from late April flagged lax supervision and controls within the bank's small and medium-sized business unit, including violations of credit limits and unsatisfactory risk management, according to the report.The regulator declined' request for comment, while Westpac 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:WBCNZE:WBC
Asia

Market Chatter: Westpac Bankers Questioned by APRA Over Deficiencies in Small-Business Lending

Westpac Banking (ASX:WBC, NZE:WBC) bankers including business banking chief Paul Fowler were questioned by the Australian Prudential Regulation Authority (APRA) this week over a range of shortcomings in the company's small-business lending operations, the Australian Financial Review reported Friday, citing sources with knowledge of the matter.APRA talked to more than 20 Westpac bankers after an internal report from late April flagged lax supervision and controls within the bank's small and medium-sized business unit, including violations of credit limits and unsatisfactory risk management, according to the report.The regulator and Westpac did not immediately reply to requests for comment from.(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:WBCNZE:WBC
International

New Zealand Economy Posts Solid Q1 Growth Amid Revisions, Westpac Says

New Zealand's economy grew 0.8% in the March quarter, with upward revisions to prior data strengthening the overall outlook despite a slightly softer quarterly reading than expected, according to a Thursday report by Westpac Banking (ASX:WBC, NZE:WBC).Westpac said the gain was driven by broad-based sector strength, with manufacturing, wholesale and retail trade, and professional services all posting solid increases, broadly in line with its expectations.The bank noted revisions were a key feature of the release, with December 2025 quarter gross domestic product (GDP) lifted to 0.5% from 0.2% on updated construction and agricultural data, while changes to seasonal adjustment factors reduced the usual March-quarter uplift.The bank said annual GDP growth came in at 1.5%, above its 1.2% forecast, with the upside largely reflecting statistical revisions rather than a meaningful improvement in economic momentum.The bank added that the result was broadly in line with Reserve Bank of New Zealand expectations, but the focus is likely to shift to recent developments, including fuel price swings, lower oil prices, and uncertainty over the durability of the peace agreement.

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Asia

Banks, Insurers Expected to Build Resilience Against Geopolitical Risk, APRA Chair Says

The Australian Prudential Regulation Authority (APRA) plans to write to banks, insurers, and superannuation trustees in order to ensure these entities better integrate geopolitical risk into governance, risk management, and crisis preparedness practices, according to a speech on Wednesday by the regulator's chair, John Lonsdale.The letter will set out the regulator's minimum expectations for how boards and senior management strengthen readiness for geopolitical shocks. Entities are expected to manage geopolitical risk through APRA's existing prudential framework, including prudential standards on governance, risk management, operational risk, resolution and recovery, and exit planning.The regulator also plans to write to a "selected group of larger entities with heightened exposure to geopolitical shocks," asking them to undertake targeted readiness assessments.It identified six key focus areas for entities to uplift their monitoring and response capabilities regarding geopolitical risk. APRA said it wants to see evidence of scenario analysis, capital and liquidity planning, as well as to see operational resilience embedded in risk management practices to support continuity of critical operations across a range of geopolitical scenarios.The regulator also highlighted the risk of insider threats and foreign interference, as well as political risks, including the need for financial institutions to rapidly implement sanctions.

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

Stride Property Group Says Westpac Banking Lifts Stake

Stride Property Group (NZE:SPG) received notice that Westpac Banking (ASX:WBC, NZE:WBC) and its affiliates increased their holdings in the company to 6.04% from 5.02%, according to a Wednesday filing with the New Zealand bourse.Westpac Banking and its affiliates now own 33.8 million shares in the company, the filing said.

ASX:WBCNZE:SPGNZE:WBC
Asia

Australian Bank Majors Face a Step Lift in Capital Strain After Years of Strong Home Loan Growth, Jarden Says

Australian banking majors face a step lift in capital strain following recent policy changes and decades of high loan volumes to fund home buying that contributed to a surge in house prices, Jarden said in a late Monday note.During the last 30 years, AU$2.4 billion of credit was directed to fund home buying, more than double the AU$1.1 billion extended to productive uses in business, according to the note.Home loan risk weights started at 50% in the 1990s, troughed at 14% in 2014, and are now averaging roughly 23%, Jarden said. ANZ Group (ASX:ANZ, NZE:ANZ) has a home loan risk weight of 24%, Commonwealth Bank of Australia (ASX:CBA) 22%, National Australia Bank (ASX:NAB) 26%, and Westpac Banking (ASX:WBC, NZE:WBC) at 20%."We see a change in mix of required macro capital allocation," the equity research firm said in relation to banks supporting productive investments instead of relying on housing loans. It also questioned whether the banks' dividend payout ratios are too high, as the policies were implemented when home loan growth regularly exceeded corporate lending growth.Jarden believes major bank share prices remain expensive even after some retracing, and are not priced for any negative regime change.It maintained an overweight rating and Au$35.50 price target on ANZ, while keeping a sell rating on the other three banks. Commonwealth Bank's price target remains at AU$90, National Australia Bank's at AU$29, and Westpac's at AU$31.

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

New Zealand Shares Fall; Ryman Healthcare Allocates NZ$150 Million in Unsubordinated Bonds After Offer Closes

New Zealand shares ended lower on Thursday as Asian markets saw the impact of a lower Wall Street close.The S&P/NZX 50 Index fell 0.39%, or 51.49 points, to close at 13,202.16.On Wednesday, the Nasdaq Composite fell 1.98%, the Dow Jones declined 1.87%, and the S&P 500 was down 1.62%.In domestic news, New Zealand's national asking prices fell 2.5% in May to NZ$833,800 from April, while easing 0.2% year on year, as price expectations dropped and sentiment softened among both buyers and sellers, according to a Trade Me Property survey.Also, New Zealand's Southland and West Coast housing markets dominate the list of the country's strongest performers, while values remain broadly flat at a national level, said Cotality.In corporate news, Ryman Healthcare (ASX:RYM, NZE:RYM) confirmed that its retail offer for six-year, fixed-rate, secured, unsubordinated bonds closed, and NZ$150 million of bonds were allocated to participants involved in the bookbuild process.Westpac Banking (ASX:WBC, NZE:WBC) issued 13 billion yen in tier two subordinated callable instruments maturing in June 2036.

^NZ50ASX:RYMASX:WBCNZE:RYMNZE:WBC
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

Westpac Banking Says Mortgage Applications Fall in Fiscal Q3 After Budget

Westpac Banking (ASX:WBC, NZE:WBC) said average monthly mortgage application volumes fell to 30,000 in the third quarter of fiscal 2026, with a post-budget run rate of 27,000, according to a Thursday Australian bourse filing.The third-quarter volumes are calculated as the monthly average of April and May, which compares with 30,000 in the third quarter of fiscal 2025 and 33,000 in the second quarter of fiscal 2026.The bank said the current operating environment is impacted by higher rates and policy changes, which it said will slow credit growth.Westpac expects housing credit growth for investors to fall to 4.4% in fiscal 2027 and 2028, from 8.4% in fiscal 2026, while total housing credit growth is expected to fall to 4.7% in fiscal 2027 and 5.2% in fiscal 2028, from 6.5% in fiscal 2026.The lender's Australian shares were down nearly 1% in recent Thursday trade.

ASX:WBCNZE:WBC
Asia

Market Chatter: Westpac Banking's Housing Investor Loan Applications Fall After Australia's Capital Gains Tax Proposal

Westpac Banking's (ASX:WBC, NZE:WBC) housing investor loan applications declined 20% over the last three weeks after Australia's federal budget proposed changes to negative gearing and the country's capital gains tax, the Australian Financial Review reported Thursday.The budget included a minimum 30% tax on capital gains starting from July 2027, as well as the end of negative gearing for existing properties. Carolyn McCann, Westpac's head of consumer banking, said there is broad concern over the proposed reforms, according to the report."Customers and the community could be a bit concerned about the changing signals," McCann reportedly said ahead of a strategy briefing, pointing to the Middle East conflict and interest rate hikes in addition to the tax changes.House prices slid in Sydney and Melbourne after the release of the budget, but McCann believes supply-side constraints will help limit further declines, AFR reported.(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:WBCNZE:WBC
Asia

Westpac Banking Issues 13 Billion Yen Tier Two Subordinated Notes

Westpac Banking (ASX:WBC, NZE:WBC) issued 13 billion yen in tier two subordinated callable instruments maturing in June 2036, according to a Thursday New Zealand bourse filing.The proceeds will be used for general corporate purposes and are expected to marginally strengthen the bank's capital position, per the filing.The securities include non-viability loss-absorption provisions, allowing the Australian Prudential Regulation Authority to convert them into ordinary shares or write them off if the bank is deemed non-viable, the filing said.

ASX:WBCNZE:WBC
Asia

New Zealand Shares Rise; Serko Names Chief Product Officer

New Zealand shares ended higher on Wednesday, while most Asian shares saw a decline as tensions escalated again in the Middle East.The S&P/NZX 50 Index rose 0.38%, or 49.57 points, to close at 13,253.65.Iran's Revolutionary Guards said they had struck a US base in Jordan and 21 other targets across the Gulf on Wednesday in response to American strikes near the Strait of Hormuz, according to a Wednesday Reuters report, citing Iranian media.In domestic news, ANZ and Westpac said that they expect New Zealand's economy grew 1% in the March quarter, according to separate reports by the banks.Also, New Zealand's light and heavy traffic fell in May as higher fuel prices triggered by the Middle East conflict weighed on demand and discouraged driving, ANZ Research said.Further, Westpac said it expects New Zealand's gross domestic product to rise 1% in the March quarter, with seasonal distortions adding about 0.4 percentage points, according to a report by the bank.Meanwhile, New Zealand's agriculture sector is performing "incredibly well" despite developments overseas, as farmgate prices for beef, lamb, mutton, and wool currently stand at or near record levels, ANZ said.In corporate news, Serko (NZE:SKO, ASX:SKO) appointed David Holyoke as chief product officer, effective immediately.Westpac Banking's (ASX:WBC, NZE:WBC) New Zealand division launched its fourth mobile community banking van at Mystery Creek's Fieldays agricultural event to make its services more accessible.

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Asia

Westpac New Zealand Adds New Mobile Community Banking Van

Westpac Banking's (ASX:WBC, NZE:WBC) New Zealand division launched its fourth mobile community banking van at Mystery Creek's Fieldays agricultural event to make its services more accessible, the company said Wednesday.The new vehicle will be a roaming service travelling throughout New Zealand, and joins three vans already in service in Southland, Canterbury, and Northland, the company said.The lender's Australian shares were up 1% in recent Wednesday trade, while its New Zealand shares shed 1%.

ASX:WBCNZE:WBC
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

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