Westpac
Commonwealth Bank (ASX:CBA) and Westpac (ASX:WBC) yesterday slashed their rates for fixed home loans after predicting that the Reserve Bank's next rate will go down.
Inflation aside, Westpac (ASX:WBC) still expects interest rates to drop next adjustment.
Yesterday's inflation numbers caused economists to predict a rate hike before the end of 2011. The consumer price index rose 0.9 percent, far above the Reserve Bank's target quarterly rate. The dollar rose US1.5 cents to a record US$1.108 last night.
Westpac's (ASX:WBC) future profits can be threatened as its institutional banking business copes with cut-throat competition from major banks and a nearly stagnant demand for credit. Institutional bank profits are expected to drop at least 4 percent this year and 3 percent in 2012, according to a report from Morgan Stanley.
Westpac (ASX:WBC) has received regulatory approval to open a branch in Beijing. The branch opens on June 29 and is located in the World Finance Centre in Beijing's central business district.
Australia's second-largest lender by value also plans to open two more China branches in the medium term. The two branches are in addition to the Shanghai branch which opened in 2008, the first Westpac branch in China.
Commonwealth Bank (ASX:CBA)and Westpac (ASX:WBC) cancelled a number of credit cards due to a potential security breach. Both banks confirm that the cards had been compromised and may leave them vulnerable to fraud.
Shares from National Australia Bank's (ASX:NAB), Westpac (ASX:WBC), ANZ Bank (ASX:ANZ), and Commonwealth Bank (ASX:CBA) plummet as
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