Australia’s aspirations to become a financial capital of the Asia region are naive, according to the managing director of Standard & Poor’s, John Bailey. (Money Management)

National Australia Bank has quashed speculation it will quit its British operation after last week dropping out of the auction for 318 Royal Bank of Scotland branches. (The Australian)

The chief executive of takeover target Axa Asia Pacific Holdings (Axa APH) has predicted an increase in merger and acquisition activity in the financial sector. Andrew Penn said the global financial crisis had forced massive change in the world’s financial services industries. (The Australian)

ANZ Banking Group Ltd has signed a memorandum of understanding with China Development Bank to drive trade and investment flows between China and New Zealand. (The Bull)