Lender

A director for BHP, Medibank Private and Stockland is set to take a seat on the big four bank’s board.

New Zealand’s central bank is primed to further tighten mortgage lending standards, following concerns with a rise in high-LVR and high-DTI lending.

The major bank has completed the sale of its asset finance subsidiary, which managed around $500 million in customer loans.

New lending commitments for owner-occupiers fell by 2.5 per cent in June, the largest monthly drop-off in around a year.

Non-bank lender TechLend has gained $50 million in funding from a Silicon Valley venture fund, with plans to turbocharge the growth of its business.

The CEO of a customer-owned lender has warned that mutual banks that do not have scale and financial strength will be ‘unsustainable’ in future.

Two more major banks have signalled both permanent and partial closures in their branch networks.

There has been sustained robust growth in home lending driven by strong owner-occupied lending and faster growth in investor housing, according to data.

The big four bank has signalled that it will buy back up to $2.5 million of its shares, deciding to shed surplus capital despite the ongoing COVID situation.

A prime residential lender has announced the pricing of one of its largest prime residential mortgage-backed securities to date.