Australia

Rising interest rates will put pressure on arrears, said S&P.

Asset quality outcomes from the pandemic were less severe than expected.

Afterpay remains king, whilst new players seek to carve out their own space.

Resumption of travel and tourism will help push card use.

Economic recovery will support performance and hold delinquencies steady.

CBA has agreed to maintain a 5.57% shareholding in the bank until Feb 2025.

Its maturity date will be five years from the date of issue.

Darren Beatty has worked for the institutional banking teams of Westpac and CBA. 

The Australian lender faces paying up to $81m for charging fees to dead people.

And UBS Switzerland to propose a new board chairman.

Westpac is one of Australia’s four major lenders.

It is also hit with one-off costs from the sale of its insurance arm and specialist business.

Two local digital currency exchanges said that none of the top four banks would do business with them.

Federal treasurer Josh Frydenberg has written to regulators to allow businesses to choose cheaper domestic systems.

Two mergers were announced in August alone, and as regulatory costs remain high, more might seek to consolidate.

The rising use of contactless and e-commerce payments will support the growth of the segment.