Briefs: ME Bank readies for roadshow, PBoC boss may depart, finance sector SMEs hiring
Members Equity Bank has appointed ANZ, CBA, Deutsche Bank and Westpac to arrange a series of domestic institutional investor meetings in the week commencing Tuesday 7 October. An international investor conference call will also take place, according to CBA. (That particular week is a short one in most parts of Australia, which makes for an interesting choice of timing.) The possible departure of long-serving People's Bank of China chief Zhou Xiaochuan, and his potential replacement by former securities regulator, Guo Shuqing is the basis for a solid survey of China banking themes in The Wall Street Journal. Small and medium businesses in the finance and insurance industries are backing themselves for growth in 2015, according to the September 2014 MYOB Business Monitor Report. The survey of 1000 businesses revealed 17 per cent of SMEs in the finance sector expect to increase the number of full time roles they have in their organisations (14 per cent increase across the broader SME sector). Fewer (13 per cent) will be boosting part-time positions - a likely reflection of work patterns in the industry. They expect wage growth to be more constrained (13 per cent for finance SMEs, compared to 23 per cent, overall, for the sector). Reserve Bank of Australia governor, Glenn Stevens, remains sceptical about whether macro prudential tools would cool Australia's property market. ABC Radio reported that, in a speech in Melbourne yesterday, Stevens avoided the topic, only to be asked during a panel discussion to explain why the RBA was floating the idea. He cited investor finance, growing at double digit rates, as one area of concern for the RBA Board. New Zealand credit union, NZCU South, reported its annual profit more than doubled to NZ$279,000 after a rise in personal loans to members. Total loans rose to NZ$81.5 million from NZ$69.9 million a year ago.