CBA looks to secure more business lending with cash flows

  • 📰 FinancialReview
  • ⏱ Reading Time:
  • 47 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 22%
  • Publisher: 90%

Nigeria News News

Nigeria Nigeria Latest News,Nigeria Nigeria Headlines

CBA’s head of small business banking Mike Vacy-Lyle says lending against property is lazy.

Lenders need to work harder to finance small businesses backed by their cashflows, rather than secured against property, says Commonwealth Bank head of business banking Mike Vacy-Lyle.

National Australia Bank business boss Andrew Irvine said the bank hoped to increase limits on how much it lent against cashflows above the $250,000 that it could now offer, and was also hoping for greater take-up of the services.Mr Vacy-Lyle said this type of lending was helping customers – who could repay loans from their working capital as it came in, optimising cashflows – as well as the bank, because credit became a part of the core merchant offering.

With about 18 per cent lending market share and 22 per cent share of the transaction market, CBA is focused on lending more into those relationships throughout 2022 and 2023. But CBA was also looking to grow in the hospitality sector, which had emerged from the pandemic in good shape.“Australians love a club and a pub. We initially thought it would be absolutely smashed by the pandemic, but it’s quite remarkable to see how resilient they’ve been,” he said.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

I hope they walk the talk But i reckon this is bullshit

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 2. in NG

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Mike Cannon-Brookes opposes AGL's planned business demerger | 7NEWSOne of Australia's richest men, mcannonbrookes is ramping up his opposition to AGLAustralia's planned business demerger. He says the strategy stands in the way of Australia's transition to green power. $AGL 7NEWS
Source: 7NewsAustralia - 🏆 11. / 71 Read more »