Shares in Australian financial group Allco were halted yesterday in a sign its banks are getting nervous about rolling over more than A$600 million of debt, some of which is due next month. Australian newspapers are reporting that the moment of truth is near for the former high flying investment bank and asset manager. Commonwealth Bank of Australia (ASB's parent) and Westpac are reported to be the most exposed of the big four Australian banks. * This article was first published earlier today in our daily subscription newsletter for the banking and finance industries. The email costs NZ$365 per annum and carries exclusive news and analysis for New Zealand banking and finance industry executives, regulators and investors. Sign up for a free trial here.
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