Commonwealth Bank has completed its A$6 billion off-market share buyback, buying 67.7 million shares at $88.62 a share (a 14 per cent discount to the average price over five trading days up to October 1). The buyback represents 3.8 per cent of the bank’s issued share capital and will reduce its common equity tier 1 capital ratio by around 133 basis points.

 

Business lender Timelio has established a A$270 million warehouse funding facility, with Goldman Sachs as the senior lenders. The company said existing marketplace investors have taken positions in the warehouse facility. Since launching in 2015 with the backing of Thorney Investment Group, Timelio has originated $1.5 billion of working capital finance. Over the past three years, average loan size has grown from $250,000 to $1 million.

 

Heartland Group has appointed Mike Grenfell as the chief operating officer of Heartland Bank. He replaces Laura Byrne, who will leave at the end of the year. Grenfell most recent executive role was chief information officer of the New Zealand Automobile Association. He has also an executive role at Cigna Life Insurance.