Australia's antitrust regulator has shot down National Australia Bank's A$13.3 billion bid for AXA Asia Pacific saying it would lessen competition in the wealth management market.

Professional director and Securities Commission member David Jackson has resigned from the commission following the commission's prosecution of Nuplex Industries Ltd, of which he is a director.

The New Zealand dollar followed its Australian counterpart lower after weaker-than-expected home loans data across the Tasman, while a Reserve Bank of Australia official indicated the central bank is not far from a neutral monetary policy.  

South Canterbury Finance found an additional $20.4 million of expenses when it completed its first-half report, compared to an estimate last month, and revealed additional breaches of lending covenants that required a waiver from its trustee.

Reserve Bank of Australia Governor Glenn Stevens hiked Australia’s cash rate 25 basis points, taking the gap between New Zealand and Australian official interest rates to their widest gap ever.

Vision Securities, the specialist retirement village property lender, has been sent to the receivers after it failed to settle a major loan last week. Its 953 investors will be safe as they are covered by the government's retail deposit guarantee.  

National Australia Bank and French insurer AXA SA have agreed "binding terms" for their proposed $13.3 billion acquisition of AXA Asia Pacific, which will split the wealth manager and insurer between its Asian and Australasian businesses.

The Reserve Bank of New Zealand expects to capture more mortgage borrowers than it has in the past when it starts hiking interest rates in the middle of the year.  

Receivers of Strategic Finance say there is no money available to repay the failed finance company's preference shareholders and there will likely be a shortfall in the total amount available to creditors.

Marac, a subsidiary of listed financial services company Pyne Gould Corp., agreed to sell half of its insurance business to the Automobile Association to establish a new joint venture.  

South Canterbury Finance, which is awaiting word on whether it has been accepted into the Extended Retail Deposit Guarantee scheme, may have to raise more capital and sell non-core assets, according to owner Allan Hubbard.

The Reserve Bank of New Zealand (RBNZ) may be able to hold back from a mid-year official cash rate increase due to the sluggish economy, tame inflation, the impact of bank liquidity requirements and expected tax changes.

Long-suffering Lombard Group shareholders have the opportunity to recoup a fraction of their investment in the failed financial company after approving an Australian insurance company's offer for the shell as a backdoor listing on the New Zealand stock exchange.