BSP Financial Group Ltd To List On ASX Soon “We have demonstrated an ability to consistently grow the business via acquisition and organically, significantly broadening and strengthening BSP’s geographic reach. by maraia vula
BSP Financial Group Limited is anticipating to list on the Australian Securities Exchange (ASX) soon.
Group chief executive officer Robin Fleming in a presentation said: “The group have become the largest bank in the South Pacific, a market leadership position that is underpinned by their extensive and far-reaching distribution network … a key competitive advantage in customer acquisition.
“We have consistently been a pioneer in the region in bringing financial innovation and technology to an underbanked marketplace.
An additional news report on the recommendation, valuation, forecast and opinion changes for ASX-listed equities.
In addition to The Australian Broker Call Report, which is published and updated daily (Mon-Fri), FNArena has now added The Australian Broker Call Extra Edition, featuring additional sources of research and insights on ASX-listed stocks, also enlarging the number of stocks that make up the FNArena universe.
One key difference is the Extra Edition will not be updated daily, but merely regularly depending on availability of suitable quality content. As such, the Extra Edition tries to build a bridge between daily updates via the Australian Broker Call Report and ad hoc news stories, that are not always timely for investors hungry for the next information update.
Westpac digs in for the long haul in a low-rate world
Westpac boss Peter King is dispensing with the frills as the Sydney-based bank digs in for a long period of ultra-low interest rates and growing margin pressures.
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One of the refreshing things about listening to Westpac’s new boss Peter King is that you get the strong sense that he believes banking is not a complex, highly arcane operation comprehensible to a few select initiates.
Instead, he gives the distinct impression that he views it as a fairly basic business that involves efficiently lending money to the right people at the right price, while trying to keep stuff-ups to a minimum.
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Westpac has used its first-half results announcement to confirm that both its life insurance business and its major platforms business remain under consideration for sale.
In an investor briefing, the big four banking group confirmed the expected completion dates for the sale of its vendor finance, general insurance and lender mortgage insurance businesses and confirmed that its life insurance, auto finance and superannuation, platforms and investments businesses were “under consideration”.
The businesses fall within the bank’s so-called Specialist Business Division, with the briefing pack nominating the BT, BT Panorama, Advance Asset Management, and Asgard brands.
The vendor finance, general insurance and Westpac Pacific sale transactions are all slated to complete in the second half of this year.
Mortgage Business
Westpac earnings to dip by $280m By Malavika Santhebennur 27 April 2021
The lender has said its cash earnings will be reduced in 1H21 due to notable items, including write-down of goodwill related to lender’s mortgage insurance.
Westpac has announced that its cash earnings in the first half of the 2021 financial year (1HFY21) will be reduced by $282 million (after tax), while its statutory net profit will also be reduced due to what it said are notable items.
The notable items after tax include the write-down of goodwill in the group’s lenders mortgage insurance business as it is now held for sale.