Mortgage Business
BNK Group signs first RMBS program By Malavika Santhebennur 22 April 2021
The listed bank has announced that it has signed definitive legal documents to establish its first warehouse and securitisation program, worth $250 million.
BNK Banking Corp has announced that it has partnered with Bendigo and Adelaide Bank and Blackstone for a $250 million prime residential mortgage warehouse program named the Bullion Warehouse Trust No. 1.
The warehouse and securitisation program has a three-year availability period (subject to annual reviews), the bank said.
It added that senior funding to the warehouse program will be provided by Bendigo and Adelaide Bank, while the junior funding to the warehouse program is provided by BNK, with funds managed or advised by Blackstone.
NAB, Perpetual urge RBA to pursue digital currency
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National Australia Bank and Perpetual executives say a pilot with the Reserve Bank to test the viability of a central bank-issued digital currency (CBDC) points to a future of âprogrammable moneyâ.
This new money could reduce the risks of making syndicated loans by directly linking payments and asset transfers, realising the promised efficiency of blockchain technology.
Blockchain technology enables the growth of cryptocurrencies.Â
The rapid pace of cryptocurrency innovation in financial services, as the technology that underpins bitcoin is rolled out more broadly, was the focus of various presentations to a week-long event hosted by Blockchain Australia on Monday.
Perpetual profit crashes, advice revenue drops
Perpetual profit crashes, advice revenue drops
The listed wealth manager’s profit almost halved in the first six months of the 2021 year, with its advisory division recording lower earnings and revenue.
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Perpetual recorded a net profit after tax of $29.2 million for the first half of the year, close to half (43 per cent less) of the $51.6 million it produced in 1H20. The company had felt the effects of $2.5 billion in net outflows from its Australian asset management business, continuing on from $1.1 billion flowing out in the prior half.
Group earnings before interest, tax depreciation and amortisation (EBITDA) had also fallen by 46 per cent to $24 million for the first half.
The investment group’s profit for the first half of the 2021 financial year almost halved under the weight of $2.5 billion in net outflows from its local asset management business. Perpetual recorde