Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  Australian Stock Exchange  >  Australia and New Zealand Banking Group Limited    ANZ   AU000000ANZ3

AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED

(ANZ)
  Report
SummaryChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsPress ReleasesOfficial PublicationsSector newsMarketScreener StrategiesAnalyst Recommendations

Hit by commodity defaults, banks in Singapore develop digital trade registry

10/06/2020 | 02:37am EST
FILE PHOTO: A view of a Standard Chartered bank branch in Singapore

SINGAPORE (Reuters) - Some of the world's biggest banks in commodity trade finance are creating a digital trade finance registry in Singapore to reduce risk of trade fraud and boost transparency after losing billions of dollars due to a spate of defaults.

Banks have pared their commodities business this year following collapses, including that of Singapore oil trader Hin Leong Trading (Pte) Ltd, which shocked lenders after instances of financial wrongdoing were laid bare by the coronavirus crisis.

According to a joint statement issued on Tuesday, DBS Group and Standard Chartered are leading a group of 12 other banks in Singapore to create and conduct a central database to access trade transactions financed across banks.

"A digital trade registry strengthens trade financing banks' ability to avoid duplicate financing, and facilitates more sustained credit flow in trade financing," said Ho Hern Shin, an assistant managing director at the Monetary Authority of Singapore.

The move comes after investigations into commodity trading firms revealed that multiple layers of financing from different lenders were obtained for the same inventory.

Eugene Tarzimanov, a senior credit officer at Moody's Investors Service, said the latest move was "credit positive" for banks as it will reduce the risk of fraud seen in recent years.

"Moreover, the registry will make it easier for smaller commodity traders to access bank credit in Singapore, as their lenders will be more confident that the collateral is really there," he told Reuters.

Reuters first reported in July that commodity trade financiers are teaming up in the city-state to strengthen lending practices and improve transparency.

Developed on a blockchain network supported by technology provider dltledgers, DBS and StanChart said they developed the trial project in three months with banks including ABN AMRO, ANZ, Deutsche Bank, OCBC and Rabobank.

After the pilot project is completed, it will be implemented as "an industry utility to enhance trade financing practices within Singapore, before expanding it globally to cover major trade corridors at a later stage," according to the statement.

The registry's proof of concept is supported by Enterprise Singapore (ESG), a government agency that promotes trade, and endorsed by the main representative body of banks.

(Reporting by Anshuman Daga; Additional reporting by Jessica Jaganathan; Editing by Simon Cameron-Moore)

By Anshuman Daga and Jessica Jaganathan


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
ABN AMRO BANK N.V. 1.26% 8.676 Delayed Quote.-46.51%
ACCESS BANK PLC -0.58% 8.55 End-of-day quote.-14.50%
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED 1.26% 23.3 End-of-day quote.-5.40%
DBS GROUP HOLDINGS LTD 0.31% 25.66 End-of-day quote.-0.85%
DEUTSCHE BANK AG -0.09% 9.742 Delayed Quote.40.84%
LONDON BRENT OIL 0.51% 49.04 Delayed Quote.-27.36%
OVERSEA-CHINESE BANKING CORPORATION LIMITED 0.30% 10.1 End-of-day quote.-8.01%
STANDARD CHARTERED PLC 1.20% 489.9 Delayed Quote.-31.23%
WTI 0.97% 46.11 Delayed Quote.-26.86%
All news about AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED
12/02AUSTRALIA AND NEW ZEALAND BANKING : economy rebounds sharply in Q3 from COVID-19..
RE
12/01AUSTRALIA AND NEW ZEALAND BANKING : Consumer confidence rebounds
PU
11/27AUSTRALIA AND NEW ZEALAND BANKING : ANZ 2020 AGM - CEO Performance Rights
PU
11/26Australia shares trade flat as gloomy U.S. jobs data blunts vaccine cheer
RE
11/25AUSTRALIA AND NEW ZEALAND BANKING : Issue of US$1,500,000,000 Fixed Rate Subordi..
PU
11/25Australia shares hit 9-month high as Biden transition lifts risk appetite
RE
11/24AUSTRALIA AND NEW ZEALAND BANKING : As more countries pledge zero emissions, coa..
RE
11/24AUSTRALIA AND NEW ZEALAND BANKING : As more countries pledge zero emissions, coa..
RE
11/24Australia shares at near 9-month peak as vaccine news spurs recovery hopes
RE
11/22AUSTRALIA AND NEW ZEALAND BANKING : ANZ - wholesale debt ANZHAU - interest payme..
PU
More news
Financials
Sales 2021 17 632 M 13 084 M 13 084 M
Net income 2021 4 748 M 3 524 M 3 524 M
Net Debt 2021 - - -
P/E ratio 2021 14,1x
Yield 2021 4,21%
Capitalization 65 244 M 48 555 M 48 417 M
Capi. / Sales 2021 3,70x
Capi. / Sales 2022 3,67x
Nbr of Employees 37 506
Free-Float 99,7%
Chart AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED
Duration : Period :
Australia and New Zealand Banking Group Limited Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED
Short TermMid-TermLong Term
TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 14
Average target price 23,44 AUD
Last Close Price 23,01 AUD
Spread / Highest target 17,3%
Spread / Average Target 1,86%
Spread / Lowest Target -34,2%
EPS Revisions
Managers
NameTitle
Shayne Cary Elliott Chief Executive Officer & Executive Director
Paul Dominic O'Sullivan Chairman
Michelle Jablko Chief Financial Officer
Gerard Florian Group Executive-Technology
Paula Jane Dwyer Independent Non-Executive Director