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CBA boss Ian Narev says his worst moments were facing victims of financial advice scandal
2015-07-21 09:23:49| Automakers - Topix.net
The chief executive of the Commonwealth Bank of Australia, Ian Narev, has defended delays in compensating victims caught up the the bank's financial advice scandal while describing fronting them to hear their complaints as the worst moments of his career. The advice scandal at CBA involved low-risk financial advice clients being put into high-risk investments that lost money over almost a decade.
Tags: financial
advice
worst
facing
CBA, ANZ tipped to lead capital raisings
2015-07-13 11:29:38| Automakers - Topix.net
As the banking regulator ratchets up the pressure on the big four banks to raise billions of dollars to make them more resilient, analysts are predicting Commonwealth Bank of Australia and ANZ Banking Group will be forced to strengthen their balance sheets to avoid slipping behind rivals. The Australian Prudential Regulation Authority said the big four banks would have to raise 2 percentage points of capital - around $28 billion - to make them "unquestionably strong", as recommended by the financial system inquiry led by David Murray.
CBA banks on Albert to gain government customers
2015-07-09 04:20:00| Automakers - Topix.net
Commonwealth Bank of Australia is using its new point-of-sale device, the Albert, to make a push into state and federal government departments that are attempting to improve service delivery for their constituents. After the national rollout of CBA's next generation EFTPOS device began in April, the bank says "thousands" of Albert terminals are in the market, with demand strongest from the retail, hospitality and not-for-profit sectors.
Tags: government
customers
gain
banks
CBA seeks penalty interest against Willmott victims
2015-07-07 09:28:14| Automakers - Topix.net
Commonwealth Bank of Australia is playing hard ball against victims of failed managed investment scheme Willmott Forests, levying penalty interest rates over the period of a long-running class action against the bank, which has doubled the amount owed by some investors. The Federal Court of Australia will decide on July 23 whether to approve the settlement of a class action brought by 3500 investors against Willmott Forests, which is in liquidation, and CBA, which is understood to have lent more than $200 million to investors in the scheme.
Tags: interest
seeks
penalty
victims
CBA tightens home loan rules
2015-06-21 11:44:56| Automakers - Topix.net
The country's biggest bank is taking further steps to tighten credit policies for home loan customers, as lenders face pressure to slow growth in the mortgage market. Commonwealth Bank of Australia informed mortgage brokers on Friday of changes that will mean new borrowers' existing debts and their incomes are assessed more stringently.