Shaun Drummond

Patrick Brennan from APRA said it has made big concessions in its new securitisation rules to ensure smaller lenders maintain competitive funding sources

Bankers warn of funding cost hike under mortgage bond changes

Shaun Drummond Bankers have raised the prospect of big hikes in funding costs for smaller banks and non-bank lenders if APRA's new rules for securitisation get up.

MyState Bank says fintechs will struggle against small lenders

Melos Sulicich, chief executive of MyState Bank, says small lenders have a major opportunity to beat the big banks.

Shaun Drummond MyState bank chief Melos Sulicich says ever cheaper financial technology and big banks weighed down by capital imposts are pointing to a bright future for small banks.

Tyro's Jost Stollman wants to beat the big banks at small lending

Tyro CEO Jost Stollman with the new non executive director for Tyro, Catherine Harris in the Tyro Fintech Hub in Sydney. Stollman says:

Shaun Drummond and Jonathan Shapiro Veteran bank fighter Tyro Payments is turning itself into the first independent bank in Australia targeted at small business backed by $100 million from big name investors including Atlassian's Mike...

Qantas, Virgin and banks to lose up to $800m in card fees, points revenue

The Reserve Bank is keen to stomp on excessive surcharging.

Shaun Drummond Banks and airline executives are bracing for up to $800 million dollars to be slashed from the estimated $3 billion they get from merchant credit card fees and surcharges.

BoQ chief Jon Sutton hoses down excited analysts

Bank of Queensland managing director Jon Sutton says the bank is doing better than its rivals, but its outlook is not quite as rosy as some believe.

Shaun Drummond Bank of Queensland chief Jon Sutton politely hosed down some overly rosey analyst expectations of improved earnings on the back of hikes to interest rates.

OzForex board backs Western Union bid

Richard Kimber says Western Union looks like a highly credible bidder.

Shaun Drummond OzForex's board has agreed to support Western Union's $880 million offer for the company.

Small banks win reprieve from securitisation rules

APRA will make changes to make it easier for banks to raise funds via securitisation, but ensure they don't again become the opaque structures that led to the sub prime crisis

Shaun Drummond Banks have won a reprieve from changes to securitisation rules that threatened to remove a major funding source and force smaller lenders to merge.

MasterCard head says customer is king in payments battle

Ling Hai says MasterCard wants to serve all the stakeholders, whether they are somebody like Apple or Android, or an individual consumer.

Shaun Drummond MasterCard co-head of Asia Pacific Ling Hai says the company wants to accommodate all the new players in payments, including Apple and Google, apparently confirming a split with Visa, which looks to...

Chi-X kicks off warrants offer with CBA and BHP

John Fildes, CEO of Chi-X Australia, says they are aiming their new products at SMSFs.

Shaun Drummond Chi-X Australia chief John Fildes says self-managed super funds are its chief target for a range of new investment products it rolls out from Wednesday.

FlexiGroup hires new chief Symon Brewis-Weston from NZ's Sovereign Assurance

Andrew Abercrombie, chairman of FlexiGroup, wanted the next CEO to have a sales bent,

Shaun Drummond FlexiGroup has appointed Symon Brewis-Weston, the boss of New Zealand's biggest life insurance company, Sovereign Assurance Company, as its chief executive.

Veda board recommends $2.5b Equifax takeover bid

Veda chairman Helen Nugent says the bid is at a substantial premium and it offers cash certainty for shareholders.

Shaun Drummond and Will Willitts The board of Veda has unanimously recommended the $2.5 billion takeover bid from credit data giant Equifax.

OzForex co-founder's big winner from Western Union bid

OzForex chief executive Richard Kimber is fielding the takeover bid from US-based Western Union.

Shaun Drummond, Sarah Thompson, Michael Bailey, Anthony Macdonald and Joyce Moullakis OzForex founder Matthew Gilmour stands to reap more than $34 million if Western Union buys it at the top of its offer range of $3.70 a share, which values the company at $888 million.

ZipMoney goes for major retailers with $100m debt fund

Shaun Drummond Recently listed online lender ZipMoney will go up against "interest free" lenders GE Capital and FlexiGroup via big household brands after securing a $100 million debt facility and $1 million of...

Cabcharge founder's son attacks replacement

Cabcharge managing director Andrew Skelton cam under attack during the company's AGM on November 18.

Shaun Drummond Brenton Kermode, the son of Cabcharge founder Reg Kermode, has slammed the performance of CEO Andrew Skelton.

Apple Pay switched on in Australia, but only for Amex

American Express will now work on Apple Pay in Australia.

Shaun Drummond Apple Pay will be switched on in Australia on Thursday, but only American Express card holders will be able to use it.

Thorn Group profit edges higher but Radio Rentals refunds to customers triple

Consumer goods lease company Thorn Group reported a 1.5 per cent rise in profit for the first half of 2015 to $15.4 million.

Shaun Drummond Thorn Group managing director James Marshall has defended $2.8 million in refunds to customers, which cancelled growth in its half-year 2016 profits in its consumer lease division, arguing it is...

Cabcharge gets first tick ever from proxy advisers

Cabcharge says all voting advisers that cover the company will vote for its remuneration report and all other resolutions on the agenda at its AGM on Wednesday.

Shaun Drummond Cabcharge has received a thumbs up for the first time from all major proxy advisers and shareholder groups for its coming annual general meeting.

Flexigroup's purchase of Fisher & Paykel Finance took eight years to grow wings

FlexiGroup founder Andrew Abercrombie was not formally involved in the deal, but he was a big influence

Shaun Drummond It took three attempts and eight years but the $275 million sale of Fisher & Paykel Finance - codenamed Project Weka after the kiwi brown bird with no wings - finally flew the coop last month.

Global payments giant First Data goes it alone against banks

Sam Itzcovitz, head of global business solutions of First Data Australia and New Zealand, which wants to double its 11,000 merchant customers in two years.

Shaun Drummond Global card payments processor First Data is going after the major banks' dominant share of merchant credit and debit card processing in Australia.

Computershare founder Chris Morris steps down as chairman

Computershare chairman Chris Morris ended his decades-long tenure at the helm of the company after its AGM on Wednesday.

Shaun Drummond Computershare chairman and tourism tycoon, Chris Morris, has handed over the reins of the company he founded, after close to 30 years at the top.

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