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SYDNEY: National Australia Bank (NAB) said it had agreed to sell its New Zealand life insurance business to Partners Life for NZ$290mil (US$206.1mil), as part of its strategy to increase capital and focus on core banking operations.
SYDNEY: Australia's banking regulator said on Tuesday that starting next year banks will no longer have to hold a portion of their profit back, giving the green light to higher dividends, as economic conditions improve following the coronavirus pandemic.
SYDNEY: Westpac Banking Corp will sell its Pacific businesses in Fiji and Papua New Guinea for up to A$420 million ($312.1 million), Australia's No. 3 lender said on Monday, offloading another unit to focus on its core local operations
SYDNEY: Australia’s Westpac Banking Corp will sell its general insurance arm to German insurer Allianz for A$725mil (US$535mil), it said yesterday, further trimming its portfolio to beef up capital and focus on local business.
SYDNEY: Westpac Banking Corp lags rivals as its dated systems is forcing it to spend, rather than save, while profit margins are eroded by record-low interest rates, investors said after Australia's biggest banks issued earnings and trading updates.
SYDNEY: Westpac Banking Corp said on Monday it would resume paying dividends, as it reported a 62% plunge in cash earnings due to write-downs, lower margins and a record fine over a money-laundering case.
SYDNEY: Westpac Banking Corp has taken a A$1.2bil (US$871mil) charge against second-half earnings to cover a record money-laundering fine and the mounting cost of compensating customers for years of misconduct.
WASHINGTON: The worst year for stock dividends in over a decade is upending formerly rock-solid retirement plans all across Asia.