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Banks drop loan sweeteners
At least four banks have quietly dropped cash incentives aimed at wooing home loan customers.
At least four banks have quietly dropped cash incentives aimed at wooing home loan customers.
ASB and Westpac banks have taken out the top honours in the 2015 Canstar banking Innovation Excellence Awards with clever new technology-driven products.
Air New Zealand is dropping BNZ in place of Westpac as its official Airpoints partner.
Westpac is facing a claim that it made misrepresentations to get a long-standing commercial customer to buy interest rate swaps that lost it $3 million.
Retailers are continuing to benefit from the boost to consumers' discretionary incomes from the fall in oil prices over the past year.
New Zealanders increased spending on debit and credit cards in February, led by gains in hospitality and apparel as low inflation
Business confidence has strengthened in ANZ's first survey of the year.
New Zealand's banks had a bumper 2014, with home loan demand amid a booming property market helping to boost their combined profit by more than 20 per cent to a record $4.8 billion.
A probe into how three banks marketed interest rate swaps to farmers will see up to $24.2 million go back to rural customers and their communities, with Westpac following ANZ and ASB and settling with the Commerce Commission.
Out-of-court settlements may be cheaper, quicker and more certain than seeing a case through - but they can often feel like a cop-out.
The New Zealand dollar rose against its Australian counterpart yesterday as retail sales beat expectations.
As 85-year-old Stewart Rundle fell more than 30m down a rocky cliff behind his beachfront home he had one thing on his mind - survival.
Westpac NZ's high-powered directors flexed their muscles - ever so diplomatically - to ensure the appointment of Kiwi David McLean as the bank's new chief executive.
More interest rates have been cut following a week of competition by the country's biggest banks to attract house hunters and mortgage holders.
Banks will need to "reinvent themselves" if they want to keep increasing shareholder returns, according to a new report.
The New Zealand dollar pushed on to a 21-month high against the euro yesterday as the spectre of deflation swept through Europe's financial markets.
A $6 billion drop in dairy farmers' incomes this season is a blow to the wider economy, no question, writes Brian Fallow. But it's not all bad.
The Reserve Bank still sees interest rate increases in our future, but fewer and further away than it thought three months ago.
Australian banks should be forced to hold more capital to minimise their risk of failure and improve competition, the Financial System Inquiry has found.
ANZ has admitted misleading conduct over interest rate swaps and up to 178 farmers will now have to decide whether to accept their share of $18.5 million from the bank.
ANZ will pay $18.5m to some of its rural customers who complained about interest rate swaps after reaching a settling with the Commerce Commission.
David McLean says his experience working as MD of Westpac's NY branch gave him a unique insight into NZ's international competitiveness.
The top financial institutions have held their positions on the Top 30 rankings for financial institutions.