Repaying debt continues to weigh heavily on the banking sector but while overall gross loans and advances decreased by $546 million in the March quarter, household lending actually increased by $476 million, says accounting firm KPMG.

AIA's Hong Kong-listed parent company has announced a record performance for the six months to May 31, and says its New Zealand operations are performing well.

Devon wins NZ Super fund mandate; Aussie advisers exempt from FAA; GSF gets largely positive review;

Z Energy, formerly Greenstone Energy Finance, has called off an immediate additional bond issue after deciding the timing isn't right.

AMP Capital Investors has appointed Peter Verhaart to the newly created role of chief investment officer, New Zealand.

Geoff Peterson has been elected to the board of the Professional Advisers Association (PAA).

OnePath is closing its troubled mortgage fund. This fund has $45 million invested in it and has 761 members. Around $11 million of the fund is invested in the Australian-domicilied LM Mortgage fund.

Reserve Bank governor Alan Bollard left interest rates on hold but gave strong signals that increases are coming soon.

OnePath has decided to close its $179 million Private Portfolio Service (PPS) Superannuation fund as well is the PPS Mortgage trust which invests in the troubled LM morgtage fund.

Former National Finance 2000 director Trevor Ludlow has been convicted in the Auckland District Court of seven charges under the Crimes Act after an investigation by the Serious Fraud Office (SFO).