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Daily Dispatches: British boss for Suncorp-Metway

Suncorp-Metway has appointed a British insurance and wealth management specialist as its new chief executive, increasing speculation that the company will eventually spin-off its troubled banking division. Patrick Snowball is joining the Brisbane-based financial services group having previously run the UK insurance operations of Aviva. (Courier Mail)

ANZ may finally make a play for Royal Bank of Scotland assets in at least five Asian countries. (Sky News)

Merrill Lynch has accused David Waterhouse of making up an “entirely untenable” story that it had agreed to fund the close-out of his loss-making option positions, even though he was already in default. (The Australian)

Bankwest has continued to recover ground in the local retail deposits market following a bumper month in which $660m flowed into its vaults. (Herald Sun)

The Australian Securities and Investments Commission has escalated its campaign against the billion-dollar tax minimisation industry by raiding the homes of financial planners. (Business Day)

Superannuation returns fell 13.3 per cent in the 2008-09 financial year, the biggest drop since the introduction of compulsory super in 1992, according to estimates from research firm Chant West. (Sydney Morning Herald)

Papua New Guinea’s largest financial institution, Bank of South Pacific, is setting up a network to rival that of ANZ and Westpac in the Pacific Islands region, says chief executive Ian Clyne. (The Australian)

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