Moody’s Downgrades Australia Banks Credit Ratings

Moody’s Downgrades Australia Banks Credit Ratings

Moody’s has cut the long term credit rating of Australia’s four largest banks, saying increasing home pricing, household debt and low wage growth is posing a threat to lenders. ANZ, NAB, Westpac and Commonwealth Bank of Australia has been downgraded from Aa2 to Aa3. The ratings outlook for all four banks still remain stable.

“ANZ, NAB, Westpac and Commonwealth Bank of Australia has been downgraded from Aa2 to Aa3.”

~ Bloomberg

It comes after Standard & Poor’s recently left the banks’ credit ratings untouched as it downgraded smaller lenders. The combination of soaring house prices and stagnant wage growth has pushed the ratio of household debt to disposable income to 189 percent.

Related Reports: Bloomberg, Sydney Morning Herald


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NAB Taken to Court Over Rate Fixing Case

NAB Taken to Court Over Rate Fixing Case

Australia’s securities regulator said it has started civil legal proceedings against National Australia Bank Ltd. for allegedly manipulating the nation’s benchmark swap rate, the third such action against a domestic lender in a more than a three-year investigation.

“Australia’s securities regulator said it has started civil legal proceedings against National Australia Bank Ltd. for allegedly manipulating the nation’s benchmark swap rate.”

~ Bloomberg

The regulator, which has been investigating the setting of the swap rate since mid 2012, has already lodged similar actions against Australia & New Zealand Banking Group Ltd. and Westpac Banking Corp.

Related Reports: Bloomberg, The Australian Business Review

 

About National Australia Bank

National Australia Bank Group (the Group) is a financial services organisation with over 12,700,000 customers and 42,000 people, operating more than 1,700 stores and business banking centres globally.  Our major financial services franchises in Australia are complemented by businesses in New Zealand, Asia, and the United Kingdom. Each of our brands is uniquely positioned, but built on a common commitment to provide our customers with quality products and services, fair fees and charges, and relationships built on the principles of help, guidance and advice.

Visit: National Australia Bank 

 

About Westpac Bank

Westpac has 5 customer facing divisions serving around 13 million customers.  The operating structure aligns Westpac’s business with key customer segments. Under this structure, the Group retains a unique portfolio of brands including Westpac, St.George, Bank of Melbourne, BankSA and RAMS.  These brands operate under the Consumer Bank and Commercial and Business Bank divisions.

Visit: Westpac Bank

 

About Australia & New Zealand Banking Corp

Our history dates back over 180 years. We are committed to building lasting partnerships with our customers, shareholders and communities in 34 countries in Australia, New Zealand, throughout Asia and the Pacific, and in the Middle East, Europe and America. We provide a range of banking and financial products and services to over 9 million customers. We employ over 50,000 people worldwide.

Visit: Australia & New Zealand Banking Corp


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Australian’s Westpac Clamps Down on Mortgage Lending to Foreigners

Australian’s Westpac Clamps Down on Mortgage Lending to Foreigners

Westpac is clamping down on mortgage lending to foreigners as concerns about the health of the nation’s housing market rise. Westpac Banking Corp will no longer lend to offshore customers who aren’t citizens or don hold appropriate residency visas. Commonwealth Bank of Australia, National Australia Bank Ltd. and Australia & New Zealand Banking Group Ltd have all tightened funding to overseas customers.

“ 55 percent jump in home prices across the nation’s capital cities in the past seven years ”

~ Bloomberg

The changes made by the biggest banks in the country are part of a broader scrutiny of foreign buying of Australian homes, which has helped drive a 55 percent jump in home prices across the nation’s capital cities in the past seven years

Related Reports: Bloomberg, Australian Financial Review, Reuters

 

About Westpac

Westpac Group’s portfolio of financial services brands and businesses is focused on our vision to be one of the World’s great service companies, helping our customers, communities and people to prosper and grow. From ensuring consumer customers can save and invest with confidence, to serving the financial needs of multi-national corporate, institutional and government clients, we put our customers at the centre of everything we do.

In supporting our vision, our structure is designed to accelerate the Group’s customer focused strategy by better aligning our business with key customer segments.  The structure involves 5 key divisions including:  Consumer Bank, Commercial and Business Bank, BT Financial Group, Westpac Institutional Bank and Westpac New Zealand.  Through these 5 divisions we serve over 13 million customers.

Visit: Westpac


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