Briefs: CBA internalises RE trusts, NextGen for BNZ will take five years

Commonwealth Bank has approached independent directors of three associated, listed real estate trusts over internalising management, the Financial Review reported in its Street Talk column.

The Bank of New Zealand's variant of parent National Australia Bank's "NextGen" banking technology overhaul will take "around about five years" to finish, Anna Cleland, head of enterprise transformation at BNZ, told Interest.co.nz. "It's a full transformation here. It's not just a core banking replacement." Cleland said one aim of the project was to give BNZ's customers, especially business customers, greater ability to use NAB's services in Australia.