COBA says legislative reform will spur bank sector competition

From

Legislation to allow Australia’s customer owned banking sector to more easily raise capital will increase its ability to compete with the nation’s major banks. “We welcome the Government’s draft bill, issued for consultation by the Assistant Minister for Treasury and Finance Zed Seselja, to implement these changes and we look forward to continued strong bipartisan […]

continue reading

Historic reforms to spur real competition in banking

From

Release yesterday of a draft bill to lower barriers to capital raising by mutual banks, credit unions and building societies is a significant step forward in promoting competition in banking. “We welcome this draft bill to amend the Corporations Act to increase our sector’s capacity to expand and take opportunities while staying true to our […]

continue reading

Customer-owned banking sector outpaces major banks

From

APRA’s quarterly banking figures indicate that customers have faith in the customer-owned banking sector. “Given the damage to the reputation of the broader banking sector due to misconduct exposed by the Financial Services Royal Commission, customers are looking for banking institutions they can trust,” said COBA CEO Michael Lawrence. “APRA’s latest numbers show that customer […]

continue reading