Bank On A Backflip

Sun Herald

Saturday July 20, 1996

ADVANCE Bank is nothing if not fleet-footed. When it launched its much touted Neworld Home Loans it went to extraordinary lengths to hide the fact that the bank was behind it, setting up a separate staff, office and budget. The radio advertisements even boasted that at Neworld you didn't have to deal with a bank. Since the other banks are offering their own no frills loans, Advance had nothing to hide after all. Now the ads boast about the "security of a bank".

THE F WORD

THE demutualising National Mutual last week sent its share offer to its 1.2 billion policy holders, avoiding the word which begins with F and means no cost. While head honcho Geoff Tomlinson says he hadn't followed the NRMA "free shares" saga he knew enough about it not to use "that word". The no-monetary-consideration share offer does, however, present a windfall to National Mutual policy holders who on average will get between 200 and 700 shares worth up to $1.50 each. Mr Tomlinson only gets 912 shares because last year he amalgamated his policies on the advice of a broker. "At least I got a better premium and cover," he said.

REAL CASH

AS if to prove there is no such thing as reality in television, Seven's press conference announcing its joint venture purchase of film studio MGM came complete with snippets from The Lion's film library, close-ups of journalists and even a floor manager. All that was missing was a spotlight on chairman Kerry Stokes. Despite, or perhaps because of, all the hype, the shadow of Christopher Skase, whose bid for MGM prompted the collapse of his empire and loss of Seven, lurked in the wings. Stokes wryly said only one company had tried this before but "this time we're using real money".

© 1996 Sun Herald

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