Westpac and St George merger discussion

12/05/2008

Westpac Banking Corporation today announced that it is in merger discussions with St.George Bank Limited concerning an all-scrip merger to create Australia's leading financial services company.

St.George and Westpac merger discussions:
  • Would create Australia's leading financial services company for customers, shareholders and employees
  • All Westpac and St.George brands, including Bank SA, and branch/ATM networks would be retained
  • AA credit-rated financial institution, with strong capital and broad based funding
  • Significantly stronger platform for growth in Australia and New Zealand

Together, Westpac and St.George would have a strong AA credit-rating, a larger balance sheet and greater access to funding. This would lower risk and costs for St.George, and position the combined business to withstand challenging funding markets and take advantage of opportunities created by the dislocation in capital markets.