Westpac Banking Corp. agreed to buy Lloyds Banking Group Plc’s Australian assets as tighter capital rules following the 2008 financial crisis prompt European and U.S. lenders to retreat from the Asia-Pacific region.
Dharmendra Singh has spent A$1.3 million ($1.2 million) since July on two houses 39 kilometers (24 miles) northwest of Sydney, drawing on an existing mortgage to pay a deposit on one and taking out two new loans.
The parent of Co-operative Bank Plc, which is seeking capital after losses, may avoid being forced to rescue the lender thanks to an accord it struck with regulators last year, according to bondholders.
Chancellor of the Exchequer George Osborne will today hail the “resetting” of the U.K.’s financial services regulatory system with a new banking agency with greater powers to replace an “old failed regime” overseen by the Financial Services Authority.
National Australia Bank Ltd., the best performing stock among the nation’s four-biggest lenders this year, said third-quarter cash earnings rose 7 percent on mortgage growth and lower bad-debt charges.