Briefs: Myer's co-brand sags, business lending soft and Silver Chef seeks capital

Spending on the Myer Visa card accounted for "more than five per cent" of sales of A$1.7 billion in the half year to January 2012, Myer Holdings said yesterday. GE Money is the issuer of this card. It is not clear how many co-branded Myer cards are on issue or what percentage is active. However, the average annual spend on personal credit cards in Australia is $14,100, according to MWE Consulting, and it seems likely spending on the Myer card is considerably lower than that.

New business lending fell by 1.1 per cent on a seasonally adjusted basis and by 1.3 per cent on a trend basis in January 2012 compared with January 2011, the Australian Bureau of Statistics says. New lending for the month, at around A$32 billion, was about four per cent higher than a year before.

Equipment finance company Silver Chef has launched a rights issue to raise A$10 million. The proceeds of the issue, combined with a recent extension of the company's debt facility, from $70 million to $100 million, will be used to purchase additional rental assets. Silver Chef reported a 38 per cent increase in net profit for its December 2011 half-year.

Police & Nurses Credit Union plans to change its name to P&N Bank. THe bank would remain a member-owned organisation Fred Huis, chief executive of PNCS told The West Australian. Members will vote on the name change at a special meeting.