Daily Dispatches: Westpac set to be most profitable bank

Westpac is positioned to become Australia's most profitable bank. (Courier Mail)

And Westpac says Australian banks have escaped the worst of the financial crisis with bad debts poised to start falling away, but chief executive Gail Kelly warns that myriad challenges remain, with the industry facing a period of entrenched low growth. (Business Day)

Mike Smith, chief executive of ANZ, on Thursday said that the Australian bank hoped to complete further opportunistic acquisitions next year as struggling European and US financial services groups are forced to divest assets in Asia. (Financial Times)

Rothschild Australia has leased 1300sq m of office space in the AMP Centre, in Sydney's central business district. (The Australian)

Investors keen to call former directors and senior executives of the failed investment group Babcock & Brown to account have raised more than $550k for a legal fighting fund. (The Age)

Storm Financial founder Emmanuel Cassimatis's memory repeatedly failed him on what is likely to have been the last day of hearings in the Federal Court public examination into the financial planning disaster, with the former director telling the court about 50 times yesterday he could not recall details. (Sydney Morning Herald)