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Showing 81 - 90 of 1200 results for "CBA"

ANZ, CBA settle class action

ANNABELLE DICKSON  |  MONDAY, 22 MAR 2021
ANZ and Commonwealth Bank (CBA) have both reached an agreement to settle a class action in the US related to the trading of bank bill swap (BBSW) products in 2016. The class action commenced in 2016 in the United States District Court for the Southern ...

Chances of CBA admitting to Essential Super wrongdoing "non-existent"

JAMIE WILLIAMSON  |  FRIDAY, 12 MAR 2021
Lawyers for Commonwealth Bank (CBA) and Colonial First State (CFS) in its ongoing case against ASIC have told the court the parties have no intention of admitting to any contraventions in relation to Essential Super and an alleged $22 million in conflicted ...

ASIC takes NAB to court

KANIKA SOOD  |  THURSDAY, 25 FEB 2021
... it charged customers higher interest on overdraft fees than was disclosed to them. This went on for four years and netted CBA $2.2 million in extra interest payments, ASIC alleged. The CBA case is set for an April 6 hearing for court to make orders on ...

CBA guilty of deceptive conduct

ELIZA BAVIN  |  WEDNESDAY, 17 FEB 2021
... Australia made false or misleading statements and engaged in deceptive conduct on over 12,000 occasions. Justice Lee found that CBA breached financial services law 12,119 times when charging a rate of interest on business overdraft accounts substantially ...

Banks return $1.2bn for bad advice

ELIZA BAVIN  |  FRIDAY, 12 FEB 2021
... returned to customers who suffered loss or detriment due to fees for no service misconduct or non-compliant advice. AMP, ANZ, CBA, Macquarie, NAB and Westpac undertook the review and remediation programs to compensate affected customers as a result of ...

CBA slashes profits, boosts dividends

KARREN VERGARA  |  WEDNESDAY, 10 FEB 2021
... 2020 half-year results show the bank's net-profit after tax dipped 21% to $4.9 billion on the prior corresponding period. CBA chief executive Matt Comyn blamed the pressures of COVID-19, particularly the effects of loan impairments and higher expenses ...

Former UBS GAM executive joins CBA incubator

KARREN VERGARA  |  THURSDAY, 28 JAN 2021
Commonwealth Bank has hired a former UBS Global Asset Management and Financial Services Council executive to chair its fintech incubator business. Ben Heap was appointed non-executive, independent chair of x15ventures, which helps scale startups by ...

AIA progresses with acquisition

ANNABELLE DICKSON  |  TUESDAY, 19 JAN 2021
... Federal Court of Australia's consideration of the scheme at a hearing in March 2021. In September last year, Commonwealth Bank (CBA) received a payment of approximately $450 million for the sale of CommInsure Life. The payment followed a $500 million ...

Northern Trust wins First Sentier mandate

KANIKA SOOD  |  WEDNESDAY, 6 JAN 2021
... services, after it separated from Commonwealth Bank. First Sentier Investors' middle-office functions were handled by CBA subsidiary Colonial First State Investments Limited (CFSIL), as it transitioned to a new ownership. The appointment comes after ...

Challenger to buy industry-fund-owned bank

KANIKA SOOD  |  WEDNESDAY, 23 DEC 2020
... specialised loan products such as reverse mortgages. "CGF's current one-year term annuity rate is 1.04%. This compares to CBA's current one-year term deposit rate of 0.55%, so we anticipate demand could be high..." "When an adviser sells a term deposit ...