ANZ New Zealand says its plans to put the ANZ and National Banks onto one IT platform and restructure management by laying off 45 staff and establishing a new structure will cost it a total of $220m.
Credit rating companies say there is no immediate need to change the credit ratings of insurers because of the Christchurch earthquake but Moody's Investors Service said ratings pressure may develop over time on the banking sector.
Kiwibank says half year profits fell 41 per cent as bad debt provisions more than doubled.
Tourism Holdings says it has resolved a banking covenants breach issue with its banks.
Nuplex Industries will pay $3m to shareholders as part of a settlement with the Securities Commission after failing to disclose it breached a debt covenant in 2008.
Decision to let banks go under looks smarter by the day, in contrast to Ireland's costly bailout, reports Yalman Onaran.
No one likes to hear the name of his bank and the phrase "possible credit rating downgrade" in the same sentence.
Stocks on Wall Street were mixed as investors awaited a fresh reason to extend the rally, while commodities including oil, gold and copper were boosted on hopes that Chinese demand would remain strong.
Cellphone entrepreneur tries again, with venture targeting emerging markets.
Lending to customers at New Zealand's banks grew by a meagre 0.7 per cent in the second half of their financial year, a new report shows.
Just 6 per cent of investors think shares offer the best rate of return, while rental property is still a popular investment, according to a survey by ASB.
Think it's all good down on the farm? Think again. Property values are plunging, and the crisis could yet hit the cities too, reports Karyn Scherer.
Tourism Holdings said it won't meet full-year profit guidance because forward bookings have been hit by the spate of floods and storms in Australia and softening tourism demand locally and in the UK.
A former London banker, his wife and a friend have been sentenced in a $NZ4.5m insider trading scheme uncovered by the UK's Financial Services Authority.