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09/06/19 | Trimester 2 Week 1| Newsletter #12
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Hey everyone!

With the second trimester officially underway, the hustle is real as we try to keep up with our lectures and 9am tutorials. However amidst this time of chaos, we at FINSOC are excited to announce that our flagship event "HSBC Women in Finance Mentoring Program" has opened applications to all female students interested in breaking into finance! Investment banks have also opened up their applications for summer internships.

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HSBC Women in Finance Mentoring Program

FINSOC are proud to announce that applications have opened for the 'Women in Finance Mentoring Program'!

We collaborated with HSBC to connect current female students with successful finance industry professionals. The program aims to provide an opportunity for female finance students to develop a close relationship and receive guidance in a one-on-one context from an accomplished industry representative. This, in turn, would assist mentees of the program in planning and navigating a successful career in the finance industry!



For more details, take a look at our information package!

Afterpay adding 7,900 new customers a day since 31st December

Afterpay now has 4.3 million active customers and says underlying sales are up 143% in the last 11 months, but it disclosed that the Australian Transaction Reports and Analysis Centre (AUSTRAC) has concerns over its compliance with terrorism financing rules.

Afterpay has appointed a leading professional services firm to conduct a review of its anti-money-laundering/counter-terrorism financing (AML/CTF) framework. Afterpay said it supported new laws passed in April that give the Australian Securities & Investments Commission (ASIC) the power to regulate buy-now, pay-later companies.

Afterpay has partnered with 30,600 active merchants, up 32 per cent from the start of the year. In terms of its overseas expansion, Afterpay said that its US business it launched 13 months ago had generated $780 million for the 11 months to May 31, with 3,300 merchants active and another 1,100 in the process of signing up. In the UK, Afterpay has completed a "soft test" under the Clearpay name and has 50 retailers signed up to its platform.

Meme of the Week
Deal of the Week

Zurich completes acquisition of ANZ's OnePath Life

Zurich Financial Services Australia have announced the completed acquisition of ANZ's OnePath Life for $2.85 billion, creating the largest retail life insurance company in Australia. This cooperation agreement strengthens Zurich’s business by giving it access to ANZ’s customer base of over 6 million, served through more than 630 branches and additional capabilities in independent distribution channels. After this acquisition Zurich will have a market share of around 20 percent in retail life and 6 percent in the local group life market.

The acquisition, first announced in December 2017, reinforces Zurich’s strategy of focusing on protection and less capital-intensive savings products. The completed acquisition means Zurich have available the OnePath product range, as well as more than 500 former ANZ employees joining Zurich as part of the transaction. As part of the transaction, Zurich’s existing independent financial adviser (IFA) and bank distribution channels in Australia will be broadened by a 20-year agreement with ANZ to distribute life insurance products through bank channels.

Zurich intends to invest further in the OnePath brand and OneCare life insurance, with brands and product sets to remain available in the open market. Tim Bailey, Zurich Life and Investments chief executive, stated this “multi-proposition” strategy would allow both customers and advisers to benefit from the breadth of choice offered by two specialist life insurance brands. It is also intended for both Zurich and OnePath products to continue competing with each other in the open market. 
Internships: Investment Banking 
  
Challenge yourself this Summer Holidays with Morgan Stanley, developing marketing memorandums, building models of projected financial results and analysing financial and operating information. 

More information can be found here.
Applications close 30th July.
Looking to be part of a nurturing and encouraging team and to intern a company that focuses on career progression? Then perhaps Macquarie Group may be the one for you.  

More information can be found here.
Applications close 30th July.
UBS offers a 9-week Summer Internship giving you the opportunity to work closely with the Corporate Client Solutions (CCS) business, sector coverage teams and other product teams.

More information can be found here.
Applications close 30th July.
This internship aims to provide students with the true insights and experiences of being an investment banker within 8-11 weeks. This includes developing complex financial models, managing several projects and conducting in-depth industry research.

More information can be found here.
Applications close 30th July
Check out our Facebook page and follow us on LinkedIn for more news and updates.
Warm regards, 

The FINSOC Team 
Our mailing address is:
publications@unswfinsoc.org.au

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