Category: Banking and Finance

Source: ANZ statements

• Consumer confidence was virtually unchanged last week, increasing just 0.3pts to 80.5pts. The four-week moving average was stable at 80.7pts.

• ‘Weekly inflation expectations’ rose 0.1pts to 5.0 per cent, while the four-week moving average was unchanged at 4.9 per cent.

• ‘Current financial conditions’ (over last year) softened 0.7pts, while ‘future financial conditions’ (next 12 months) rose slightly by 0.2pts.

• ‘Short term economic confidence’ (next 12 months) was up 0.9pts and ‘medium term economic confidence’ (next five years) fell 0.3pt.

• The ‘time to buy a major household item’ subindex rose 1.3pts.

Source: ANZ statements

FImetrix is a US-based market research agency specialising in Bank-to-Bank services and has carried out its AUD Clearing Services survey every two years since 2008. The survey examines AUD clearing services and evaluates the strength of relationships maintained by service providers with banks globally.

This year’s review recognised ANZ for its strong international footprint, which spans 29 markets and differentiates ANZ as the most international of the Australian banks. Among its peers, ANZ’s relationship management approach was recognised as being the most effective in measures across frequency of visits and doing the best job at building relationships.

They also noted ANZ’s superior customer service, deep market intelligence and position as the most technologically innovative banking provider for financial institutions in Australia.

ANZ Managing Director Transaction Banking Lisa Vasic said: “We’ve made it a priority to develop our payments and cash management business as a world-leading provider of these important services. Our proposition enables clients to use our technology, systems and expertise to deliver services to their end customers and we are pleased to be recognised as most helpful in assisting customers connect into the New Payments Platform (NPP).

“We look forward to extending our NPP offering to process cross-border payments in real-time for our Australia-based customers in the near future.”

ANZ Global Head of Financial Institutions Group Mark Harding said: “This survey highlights the significance of our global coverage model and the effectiveness of our team in developing meaningful, lasting relationships. We are focused on supporting our bank clients through continued investment in our people, capability and platforms.”     

FImetrix survey ANZ highlights for 2024 include: #1 for AUD Bank-to-Bank services globally #1 for overall satisfaction in Australia #1 for overall relationship management and customer satisfaction #1 for commercial payment relationships and services in Australia #1 for wholesale clearing relationships and services in Australia #1 for relationship manager/sales satisfaction #1 for most helpful provider in assisting customers with connecting to the NPP #1 for technologically innovative provider for Financial Institutions in Australia

The 2024 FImetrix results are based on interviews with 111 banks across four regions. ANZ was benchmarked against its local major bank peers as well as global banks who offer AUD clearing services.

Source: ANZ statements

ANZ Chief Financial Officer Farhan Faruqui said: “The sale of our equity stake in AmBank is a significant milestone in delivering on our strategy to simplify the Bank. We have valued our partnership with AmBank and wish the group well for the future.”

The sale proceeds will increase ANZ’s CET1 ratio by approximately 5bps[1] which is additional to the 16bps of capital released from the sale of the initial block of 16.5% of AmBank shares in March 2024. The sale proceeds will have no material impact on profit.

Settlement is anticipated to occur on 5 June 2024.

[1] CET1 impact is on a Level 2 basis.

Source: ANZ statements

The funding allocation in the 2024-25 Federal Budget will assist in the expansion of the program, allowing more Australians to participate in the award-winning initiative.

$11.2 million will be provided over three years from 2025-26, with an additional provision of $3.9 million per year on an ongoing basis, beyond the initial allocation.

“We’re proud the Saver Plus program has again been recognised for its contribution to improving the long-term financial wellbeing of many Australians,” said ANZ CEO Shayne Elliott.

“Financial wellbeing is an important part of maintaining strong, thriving communities. This additional funding means Saver Plus will be able to play an even larger role in achieving better outcomes for individuals and families.

“Our 21-year partnership with governments and community organisations like Brotherhood of St Laurence has helped 60,000 lower income Australians save more than $29 million – and receive the benefit of $24 million in savings matched by ANZ,” he said.

Over a 10-month period, Saver Plus participants set a savings goal and attend MoneyMinded online financial education workshops. At the completion of the program, ANZ will match savings up to $500 used to purchase education-related items such as laptops, uniforms or school excursions.

Since Saver Plus started in 2003, 75 per cent of participants have used the program to save for their children’s education, 17 per cent for their own education and 8 per cent saved for both.

Saver Plus is delivered in partnership with Brotherhood of St Laurence, The Smith Family and Berry Street, with funding from ANZ and the Australian Government Department of Social Services.

For more information, including eligibility criteria, visit the Saver Plus page and the ANZ website.

Source: ANZ statements

According to the ACCC’s Targeting scams report, Australians reported combined losses of $91.6m to payment redirection scams in 2023. Small and medium sized businesses are the most common targets, as their systems are usually less complicated for cyber criminals to infiltrate. The scammer hacks into the system of the legitimate business, then may alter the details on a payment request, so the payee pays the scammer rather than the legitimate business.

ANZ Scams Portfolio Lead, Ruth Talalla said: “Scammers use increasingly sophisticated and use targeted methods to exploit Australian consumers who are trying to pay legitimate businesses for goods or services.

“It can be easy to miss a minor change to an invoice or email and pay a scammer instead of the intended business or person. It’s important to remember to check invoice details with the person or company you want to pay before submitting payments, especially for first time payments or when their account details seem to have changed. It’s preferable to use PayID for payments when that’s an option, so you know who you’re paying.”

Criminals may pose as a legitimate business, or representatives from those businesses, and email requests for the urgent transfer of funds to a new account; raise false invoices with fraudulent details; or ask a business’ contacts to update banking details with fake account details.

How to spot these scams:

• Unexpected contact method or requests: Be wary if someone you do not usually have email or social media messaging contact with reaches out with a personal or payment request (for example on WhatsApp).
• Modified payment details on an invoice: Check payment details against previous invoices from that business and question any changes to payment details direct with the company or individual you’re paying.
• Dodgy domains: A cybercriminal will often pick up an email domain that closely resembles the true sender – compare the email to the company domain online to be certain. 
• Poorly written text or inconsistent message formats: Check for grammatical or spelling errors and look out for anything in the tone that does not match the way the sender usually writes (though a well written message does not mean it is from the legitimate sender).
• A missing or faked email signature: More often than not, cybercriminals will not have the legitimate company’s or individual’s email signature. Check for any inconsistencies with the legitimate company’s or individual’s email signature.

Tips to avoid these scams:

• Never call the phone number given in a suspect email or message. Use a phone number you received independently and talk to the person you have previously dealt with if possible.
• Check new or updated account details with the legitimate company on a phone number you have independently sourced, before sending funds.
• If you receive an email or message that creates a sense of urgency don’t rush.
• Use PayID to make payments when available, so you know who you’re paying.
• If you’re intending to pay a large amount, send a small amount first then check the legitimate company or individual received it before sending a larger amount.

ANZ’s customer protection teams and systems operate 24/7. Customers who believe they may have been a victim of a scam should contact us immediately, on 13 33 50 or visit us at http://www.anz.com.au/security/report-fraud/ for more information.

For more information on the types of scams and how to protect yourself visit http://www.anz.com.au/security/types-of-scams.

Source: ANZ statements

The Bank was also named equal-first for Best Bank for Environmental, Social, and Governance (ESG) / Sustainability, as well as equal-first for Best Bank for Transactional Banking.

ANZ Managing Director Institutional Australia and PNG Tammy Medard said: “It is always an honour to be recognised favourably by our clients, but particularly in the category of Most Trusted Adviser. At ANZ, we see trust at the core of any partnership, and it is the basis of how we build relationships with our partners and our clients. This recognition is a testament to our dedicated team who consistently deliver support, insights and reliable funding to our clients.

“I am also very proud to see the targeted investments that we have made into our Transaction Banking and Sustainability businesses be recognised as leading in the Australian marketplace. At ANZ, we see it paramount to offer the full suite of innovative and forward- thinking products and insights for our clients. These three awards are a great indication that we’re hitting the mark for our clients.”

On being named as equal leading provider for ESG / Sustainability at the 2024 awards for the third year running ANZ Head of Sustainable Finance Katharine Tapley said: “It’s pleasing to once again be recognised by the market as a leading ESG bank. At ANZ, we are always striving to improve our offering and expertise to support clients as they embrace opportunities in the transition to net zero emissions.”

On being named as equal-first for Best Transactional Bank, ANZ Managing Director Transaction Banking Lisa Vasic said: “It’s a competitive market for transaction banking and we’ve made it a priority to develop our business into a leading provider of these important services. This latest market recognition encourages us to continue developing our capability for the ultimate benefit of our clients.”

Coalition Greenwich, a division of Crisil, and formerly known as Peter Lee & Associates, announced the awards at the annual ACTA conference held in Sydney on Thursday evening.

Source: ANZ statements

• Consumer confidence decreased 1.8pts to 80.2pts last week. The four-week moving average fell 0.2pts to 80.7pts.

• ‘Weekly inflation expectations’ rose 0.1pts to 4.9%, while the four-week moving average was down 0.1pts to 4.9%.

• ‘Current financial conditions’ (over last year) increased slightly by 0.1pts, while ‘future financial conditions’ (next 12 months) declined 4.1pts.

• ‘Short term economic confidence’ (next 12 months) fell 5.4pts and ‘medium term economic confidence’ (next five years) increased by 1.0pt.

•The ‘time to buy a major household item’ subindex softened 0.7pts.

Source: ANZ statements

• Consumer confidence: renters drive post-Budget lift

• Consumer confidence increased 1.8pts to 82pts last week. The four-week moving average rose 0.4pts to 81pts.

• ‘Weekly inflation expectations’ was unchanged at 4.8%, and the four-week moving average was unchanged at5.0%.

• ‘Current financial conditions’ (over last year) increased slightly by 0.3pts and ‘future financial conditions’ (next 12 months) rose 0.7pts.

• ‘Short term economic confidence’ (next 12 months) rose 2.6pts and ‘medium term economic confidence’ (next five years) increased by 1.3pt.

• The ‘time to buy a major household item’ subindex rose 4.4pts reversing the previous week’s decline

Source: ANZ statements

FleetPartners is a leading provider of vehicle leasing, fleet management, heavy commercial vehicles, salary packaging and novated leasing and operates across Australia and New Zealand.

The Green tranche of this latest deal will exclusively fund leases for electric vehicles and has been certified as a “Climate Bond” by the Climate Bonds Initiative, which is accepted globally as the gold standard in Green bond certifications.

ANZ played a key role in the transaction, acting as joint green bond co-ordinator, co-arranger, joint lead manager, and joint bookrunner.

The transaction aligns with ANZ’s target to fund and facilitate at least AU$100 billion in environmental and social outcomes by 2030.

David Simmons, Executive Director Sustainable Finance at ANZ said: “As we understand it, this is the first auto asset-backed securitisation issue to include a Green tranche in the Australian and New Zealand markets and we’re pleased to have taken a key role in delivering this transaction to market.

“There is a growing market trend seeking to decarbonise the transport sector by transitioning from internal combustion engine vehicles to fully electric vehicles. It’s encouraging seeing more companies like FleetPartners investing in this area for the benefit of the environment and consumers.”

Damien Berrell, CEO and Managing Director at FleetPartners said: “The successful issuance of an asset-backed securitisation with a Green tranche is a significant company milestone and a testament to our commitment to helping investors prioritise responsible and sustainable investments.”

ANZ has been providing banking services to FleetPartners for more than 15 years.

Source: ANZ statements

• Consumer confidence was virtually unchanged, decreasing 0.3pts to 80.2 pts. The four-week moving average fell 0.8 pts to 80.5 pts.

• ‘Weekly inflation expectations’ fell 0.2ppt to 4.8%, while the four-week moving average was down 0.1ppt to 5.0%.

• ‘Current financial conditions’ (over last year) increased by 1.2pts and ‘future financial conditions’ (next 12 months) rose 0.6pts.

• ‘Short term economic confidence’ (next 12 months) were up 1.9pts and ‘Medium term economic confidence’ (next five years) decreased by 1.0pt.

• The ‘time to buy a major household item’ subindex was down 4.4pts.