Lender

Over the past 12 months, the finance industry has been through significant upheaval. The banking royal commission, stricter responsible lending guidelines from ASIC and the introduction of ...

The embattled major bank has recorded a multibillion-dollar contraction in its home lending portfolio, with volumes falling via both its owner-occupied and investor segments.

The non-major bank has attributed growth in its share of the mortgage market to a targeted effort to reduce processing times for home loan applications.

The major bank has continued to reshuffle its executive team in the aftermath of revelations that it contravened anti-money laundering and counter-terrorism financing laws.  

Investors that have opted in to Westpac’s capital raising will be offered a refund in light of AUSTRAC’s decision to launch civil proceedings against the bank. 

The combined growth of mutual banks has far outpaced the majors, having experienced loan book growth at over four times the rate of growth of the big four, according to KPMG.

The major bank has informed investors that it is “not aware” of any breaches to anti-money laundering and anti-terrorism laws, in light of an ongoing AUSTRAC review.

Outgoing Westpac chairman Lindsay Maxsted has warned against further board renewal amid speculation of a push from investor for more leadership changes.

The major banks’ increased reliance on lending revenue is set to weigh on their profitability in the years ahead, particularly amid record-low interest rates, according to Moody’s. 

Westpac CEO Brian Hartzer is to step down, alongside other board changes, following Westpac’s AUSTRAC scandal.