Jarden Securities is planning to hive off its profitable wealth management business from its other stock broking and merchant banking activities.

The tale of two managers.

Mortgage broking aggregator Allied Kiwi has bought insurance broking company Metro Broker Link for an undisclosed sum.

Analyst downgrades forecast for Heatland's profit, but says if the company gets a banking licence it could make some "serious money". 

Reserve Bank governor Alan Bollard gave his 80th and last official cash rate announcement today and essentially pushed out the timing for any increases.

ASB Bank's mortgage book continued its downward slide in the June quarter and its profit was flat.

Cigna was a standout in the life insurance market in the June quarter, one of the few companies whose new business wasn't eclipsed by even greater lapses and surrenders.

The major banks bad debt charges are likely to blow out again in about 12 months time, predicts a banking expert.

Borrowers continued to switch away from floating rates into fixed-term loans in July although overall growth in mortgage lending slowed while household deposits grew at nearly three times the growth in mortgage lending.

TSB Bank's mortgage book shrank for the first time in four years in the June quarter, reflecting the government moving to restrict the pool available to lend under its Welcome Home Loan scheme.

Westpac maintained its share of the mortgage market and its profitability jumped 81.3% in the June quarter, thanks to falling bad debts and a 25% rise in net interest income.

The Co-operative Bank's mortgage book grew by about the same as it market share in the June quarter, largely because of a jump in low equity lending.

Heartland New Zealand has decided not to even try to compete on price in the residential mortgage market, says chief executive Jeff Greenslade.

SBS Bank's profit jumped in the June quarter but its mortgage book shrank for a sixth successive quarter, reflecting the continuing impact of the Canterbury earthquakes.

GFNZ (formerly Geneva Finance) has finally nailed down the first $3 million tranche of debt funding promised by 20% shareholder, Federal Pacific Group.

Kiwibank says it plans to launch into the life insurance market by the end of the year but it has been selling risk since it started in 2002.