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Daily Dispatches: Big Four eye up Suncorp

Australia’s cashed up Big Four banks may be interested in buying regional lender and general insurer Suncorp-Metway’s underperforming banking business. The major lenders are showing interest now that they know the risks associated with Suncorp’s bank, Credit Suisse analysts Arjan van Veen and James Ellis say. (Business Day)

Two CBA employees sacked for their alleged involvement in the collapse of Storm Financial told a federal parliamentary inquiry yesterday they had been made scapegoats by chief executive Ralph Norris. (The Australian)

ANZ is facing a $100m lawsuit over its role in the collapse of Primebroker Securities, including allegations the bank improperly called in receivers, and suggestions it acted ”unconscionably” by engaging in a whisper campaign to undermine the margin-lending company. (Sydney Morning Herald)

NAB has taken a $309m hit in a dispute with the Australian Taxation Office on the tax deductibility of interest on capital instruments. (The Australian)

Australia Post is expanding into the $24bn general insurance sector as part of a financial services strategy that could ultimately see the nation’s postal service with a foothold in banking. (The Australian)

Australians have cut back on pay and working hours by the equivalent of 200,000 jobs in a desperate bid to survive the economic collapse. (Courier Mail)

Treasurer Wayne Swan has warned that retail banks may be forced to raise rates independent of any action by the Reserve Bank of Australia. (Daily Telegrapgh)

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