Full Coverage: Westpac bids for St George
For updates on these stories, find Business Spectator's breaking news and commentary at www.businessspectator.com.au
Tick for bank merger
NEWS: The Australian Competition & Consumer Commission (ACCC) will make a final decision on Westpac's bid for St George Bank on 20 August 2008. (July 24)
Westpac merger wins over watchdog
NEWS: The Australian Competition & Consumer Commission has given a strong indication it will not block a major bank merger. (July 24)
ACCC unconcerned over Westpac/St George
NEWS: Says banks' wealth management arms only competition issue. (July 23)
St George-Westpac merger tensions
NEWS: Report says Fegan is downplaying deal to institutional investors. (July 18)
The Kelly gang
COMMENTARY: Westpac's Gail Kelly has hand picked a team of experienced executives to tame the bank's IT divisions and smooth out any problems that could arise with the St George merger. (July 17)
Merger receives mixed reviews
NEWS: There is some scepticism among Australians as to the benefits of the proposed merger between St George and Westpac.(July 15)
Big bank refugees threaten Kelly
NEWS: The proposed merger between Westpac and St George Bank could be undermined by small business, according to a survey by East & Partners. (July 10)
Investors wary of Westpac, St George deal: report
NEWS: Funds voice opposition to merger, while survey shows SMEs may flee St George. (July 10)
St George's brand damage
COMMENTARY: Aggressive attempts by St George to meet forecast growth in cash earnings have the potential to make Westpac very nervous, especially if they are achieved at the expense of goodwill. (July 8)
Deposit-fat Westpac's Dragon song is inevitable
NEWS: The merger between St George Bank and Westpac is not finalised, but all indications are that it will be by the end of 2008. (July 4)
The capitulation of St George
COMMENTARY:St George Bank says it's in tip-top shape, so why is it continuing to recommend the Westpac merger when the bid's value has fallen from $34 to around $25 a share? (July 4)
St George Westpac merger uncertain
NEWS: Opinion is divided in Australia on the chances of success for the takeover move on St George Bank by Westpac Banking. (July 3)
Beware short-sellers, Westpac warned
NEWS: Westpac Banking has been warned that short-sellers may be manipulating the market. (July 1)
Falling out of step
COMMENTARY: The value of Westpac's bid for St George has weakened as banking stocks tumble around the globe. But the market continues to price St George at a premium to the offer, with very good reason. (June 27)
St George, Westpac merger not certain: Fegan
NEWS: Westpac's decreasing share price sees scrip deal on shaky ground. (June 27)
St George boss warns on merger
NEWS: A top banking executive in Australia has some doubts about an $A18.6 billion merger deal. (June 27)
Each bank merger taken on merits: ACCC
NEWS: Decision on Westpac, St George merger not guide for other bank mergers, says watchdog. (June 25)
St George still values Westpac bid
NEWS: Westpac's share value has fallen by 28.5%, but its proposed merger with St George Bank will continue. (June 24)
Merger 'no threat to competition'
NEWS: Westpac Banking's proposed $A18.6bn takeover of St George does not constitute a threat to competition. (June 23)
Westpac Banking Corporation has...
NEWS: Westpac Banking has appointed Brad Cooper to the newly created role of group chief transformation officer. (June 20)
ACCC starts scrutinising Westpac bid
NEWS: The proposed merger between Westpac and St George Bank is being analysed by the Australian Competition & Consumer Commission (ACCC). (June 12)
ACCC seeks St George takeover feedback
NEWS: Range of views regarding Westpac, St George merger sought. (June 11)
Westpac feels pressure to lift St George bid
NEWS: The 5% fall in the value of Westpac shares to $A21.60 on 10 June 2008 brings the bank's total losses since announcing a takeover bid to 17%. (June 11)
Westpac set to mirror St George strategy
NEWS: Takeover target consistent leader in customer satisfaction rankings. (June 10)
St George operating model to stay
NEWS: Westpac will retain brands, distribution of proposed acquisition. (June 4)
Westpac moves executive into merger role
NEWS: Australian-listed Westpac has put Brad Cooper in charge of the process of integrating St George Bank. (June 4)
Westpac appoints merger manager
NEWS: Brad Cooper to oversee proposed integration with St George bank. (June 4)
Policy makes St George bid 'more likely'
NEWS: Analyst lists Suncorp, Bendigo, BOQ as possible bid targets. (June 3)
Banks want Four Pillars policy to go
NEWS: Government stands behind policy, won't allow big banks to merge. (June 3)
Measure twice, cut once
COMMENTARY: Wayne Swan's commitment to the 'Four Pillars' is both good politics and good policy. It's now time he now gave an equal amount of thought to depositor insurance. (June 2)
NAB weighs pros and cons of chasing the Dragon
NEWS: There is speculation in May 2008 that the National Australia Bank (NAB) could become a suitor for St George Bank (SGB). (May 29)
Deal loses appeal
COMMENTARY: A Westpac-St George merger offers only modest benefits for Westpac at a relatively high cost. NAB is seen as the most likely counter bidder but there are other options. (May 27)
Union unhappy about bank merger implications
NEWS: The Finance Sector Union wants the Australian Government to prevent Westpac Bank and St George Bank from merging. (May 27)
Westpac, Dragon name date
NEWS: Australian-listed Westpac Banking has issued its implementation agreement for the merger with St George Bank. (May 27)
Westpac eyes $300m St George savings
NEWS: The formal merger agreement has been issued by Westpac Banking and St George Bank in Australia. (May 27)
Creating nation's biggest bank will cost $700m
NEWS: Two banks in Australia are planning to merge, subject to regulators' approval. (May 27)
St George deal weighs on Westpac
NEWS: Westpac Banking CEO Gail Kelly has conceded that the synergies to be derived from the planned merger with St George will take time to achieve. (May 27)
St George, Westpac agree on merger terms
NEWS: St George Bank Ltd and Westpac Banking Corporation have agreed on merger terms to be put to shareholders. (May 27)
St George's wandering eye
WHEELS AND DEALS: The lack of a break fee and guarded language suggests St George is still open to offers despite its merger implementation agreement. (May 26)
Westpac, St George scramble to complete financial probes
NEWS: After two weeks of due diligence, Westpac Banking and St George Bank are expected to announced details of the planned merger on 26 May 2008. (May 26)
No surprises brings St George closer to crunch time
NEWS: A two-week period of due diligence will end on 26 May 2008, meaning a merger agreement between St George Bank and Westpac Banking could be finalised at any time. (May 26)
Mergers not just about cost-cutting
NEWS: Company directors at Westpac Banking and St George Bank have emphasised a proposed merger will focus on customers and branding success. (May 26)
Westpac,St George to reveal merger details
NEWS: All eyes on moves by the lenders' rivals to scuttle the deal, report says. (May 26)
Banks face new landscape
NEWS: The planned merger of Westpac and St George may start a process of transformation of the banking industry. (May 23)
Major shareholder slams St George deal
NEWS: Orion Asset Management 'outraged' by approval of Westpac bid. (May 22)
Westpac offer 'attractive', says St George
NEWS: Offer acknowledges value smaller bank will bring to merged entity, chairman says. (May 22)
What money can't buy
COMMENTARY: As the big banks run the numbers on a counter bid for St George they should consider just how important Westpac's commitment to the brand and its branch network are in the scheme of things. (May 19)
Commonwealth weighs own bid for St George
NEWS: A big takeover bid in Australia has stirred up the banking sector. (May 19)
Dragon head not swayed by theories on merger
NEWS: St George Bank CEO, Paul Fegan, denies a merger of the Australian bank with Westpac Banking is inevitable. (May 19)
Westpac warns off rival bids
NEWS: Westpac Banking believes its offer for St George Bank is "full and fair". (May 19)
Westpac ready to fend off rival suitors
NEWS: If a takeover rival emerged for St George Bank, Westpac would raise its $A18.6 billion offer. (May 19)
Numbers give Westpac the inside track
NEWS: St George Bank agreed fairly quickly to a takeover offer from Westpac Bank. (May 19)
More bids on the cards, says St George
NEWS: Westpac may bid higher for target, prepared to face counter offers. (May 19)
St George bid approval may take months: Kelly
NEWS: Westpac after Merrill Lynch's margin lending team, report says. (May 16).
CBA undecided on St George bid
NEWS: Bank chief not ruling out counter-bid to Westpac's $19 billion offer. (May 15)
A seismic shift for banks
COMMENTARY: ANZ and NAB can't afford to ignore the increased scale and efficiency that Westpac will achieve by acquiring St George. Their strategies will have to change to fit the new landscape. (May 15)
NAB won't rule out St George bid
NEWS: CEO John Stewart keeps an eye on Westpac's $19 billion bid for No. 5 bank. (May 15)
St George to be merged, not submerged
NEWS: Sources in the banking sector claim Westpac's bid for St George was deliberately structured to deliver a rapid acceptance. (May 15)
Circling St George
COMMENTARY:NAB and ANZ will no doubt be crunching the numbers on a counter-bid for control of St George – though if they were to proceed they would encounter hurdles that Westpac does not face. (May 14)
At arm's length, Kelly gets a fistful
NEWS: Westpac CEO, Gail Kelly, stands to become Australia's most powerful banker if the proposed merger with St George goes ahead. (May 14)
Share rise points to rival bid
NEWS: A rise in St George Bank's share price on 13 May 2008 had investors speculating about the possibility of a rival bidder emerging. (May 14)
St George open to other offers
NEWS: St George chair, John Curtis, has highlighted the possibility of the bank accepting a rival offer. (May 14)
Westpac charts course to emerge leaner and meaner with St George
NEWS: Westpac Banking's proposed merger with fellow Australian-listed group St George Bank is forecast to deliver efficiency gains. (May 14)
St George board grilled over proposal
NEWS: On 13 May 2008, the St George Bank board came under fire from analysts for its speedy endorsement of a merger proposal by Westpac. (May 14)
Kelly kept out of merger talks, says chairman
NEWS: Westpac CEO, Gail Kelly, stands to become Australia's most powerful banker if the proposed merger with St George goes ahead. (May 14)
Banks shape up to changing landscape
NEWS: The Australian banking sector faces changes. The takeover offer by Westpac Banking for St George Bank could lead to further consolidation. (May 14)
Investors expect copycat deals
NEWS: The recommendation by the St George Bank board to accept the Westpac offer has increased speculation in the Australian banking sector. (May 14)
Not first pick but it makes good sense
NEWS: Analysts can now see the sense in the Westpac Banking takeover of St George Bank, but some have reservations. (May 14)
Old funding model's seen better days
NEWS: St George chair, John Curtis, has rejected claims his bank accepted Westpac's offer because of funding concerns. (May 14)
Westpac offers $18.6bn for St George
NEWS: Westpac offers 1.31 shares for each St George share in a deal it says will increase value of assets and lower costs. (May 13)
Westpac-St George merger to see jobs at risk
NEWS: As many as 5,000 jobs could be lost from merger, while speculation is strong another bid may emerge. (May 13)
Westpac mindful of losing customers, revenue
NEWS: Merger model to minimise attrition, says CFO Phil Coffey. (May 13)
St George credit rating goes on analyst's watch
NEWS: Standard and Poor's waits for merger deal to play out. (May 13)
A glass-half-full merger
COMMENTARY: Most bank mergers produce savings of about 40 per cent of the cost base of the acquired bank, though St George might only offer half that level of savings for Westpac. (May 13)
Westpac to offer 1.31-for-1 for St George in scheme merger
NEWS: St George Bank Ltd and Westpac Banking Corporation have agreed on a scheme of arrangement merger based on 1.31 Westpac shares for each St George share. (May 13)
Competition woes
COMMENTARY: The increase in St George's cost of funding has substantially reduced its ability to compete. But with non-banks decimated and foreign banks retreating from our shores, the Federal Government may be tempted to create a 'fifth pillar'. (May 13)
$64bn bank would leap to No.1
NEWS: Westpac's proposed consolidation with St George Bank would result in Australia's biggest financial institution at $A64 billion. (May 13)
Megabank to ignite turf war
NEWS: Australian bank stocks surged on 12 May 2008, as investors speculated about the possibility of further takeovers. (May 13)
The customer is always right
COMMENTARY: A key component of Gail Kelly's tenure at Westpac has been cultural change. The merger between Westpac and St George presents a significant opportunity for Kelly, but it also presents its own set of challenges (May 13)
Was 'St Westpac' a predators' prayer?
NEWS: The proposed merger between Westpac Banking and St George Bank is expected to place Australian Treasurer Wayne Swan in a difficult position. (May 13)
NAB, CBA likely suitors who could gatecrash the wedding
NEWS: Experts expect rivals to emerge to Westpac Banking's bid for fellow Australian-listed group St George Bank. (May 13)
Banking revolution
NEWS: The proposed merger of St George and Westpac Banking could lead to the creation of seven-day-a-week "super branches". (May 13)
Westpac deal rocks Four Pillars
NEWS: The Australian Government's long-standing "four pillars" policy on major bank mergers could be undermined in May 2008. (May 13)
Bound for top of the roost
NEWS: The proposed merger of St George and Westpac Banking is expected to create a company worth almost $A70 billion. (May 13)
Planners' shake-up if marriage proceeds
NEWS: The Australian financial services sector may be in for a major reorganisation due to a large bank merger. (May 13)
Consolidation looms as cycle turns
NEWS: The proposed merger between Westpac and St George appears set to spark a new era of financial sector consolidation in Australia. (May 13)
It's been on the cards for at least a decade
NEWS: Westpac's meticulously planned bid for St George Bank has also occurred at just the right time after years of speculation. (May 13)
Merger excitement spreads
NEWS: Australian-listed Westpac Banking and St George Bank have begun talks on a merger. (May 13)
Stalker no stranger to mergers
NEWS: The proposed merger between St George and Westpac would be the largest in Australian banking history if successful. (May 13)
Swansong for four pillars
NEWS: The Australian Government's "four pillars" policy has for a long time banned mergers between the nation's leading banks. (May 13)
Going boldly down a well-known path
NEWS: New Westpac Banking CEO, Gail Kelly, appears determined to make her company Australia's largest bank by market value. (May 13)
Best laid plans
COMMENTARY: As we suggested earlier this morning, the directors of St George Bank endorsed the bid from Westpac, expected to be worth around $33 a share. (May 13)
Bank merger 'faces regulatory hurdles'
NEWS: Opposition says merger will lead to job losses, branch closures. (May 12)
Westpac, St George in merger talks
NEWS: Firms enter trading halt to discuss possible merger deal to increase competitive capabilities. (May 12)
No action on Westpac ratings:Moody's
NEWS: Ratings agency awaits more information on the proposed transaction. (May 12)
Moody's places St.George ratings on review
NEWS: Ratings agency says direction uncertain till more merger detail emerges. (May 12)
Advantage Westpac
COMMENTARY: A merger with Westpac will solve many of St George's problems and no-one knows them better than Westpac's chief executive Gail Kelly. (May 12)
Capturing St George
COMMENTARY: Westpac's bid for St George is going to stoke the imaginations of banking executives at all of the remaining big four banks. A successful merger with the $15 billion bank would deliver any of them a huge advantage. (May 12)
In the red corner
WHEELS AND DEALS: Details on the who's who of mega-merger advisory teams. (May 12)
Westpac talks merger with St George Bank
NEWS: Westpac Banking Corporation and St George Bank Ltd say they are discussing an all-share merger to create Australia's leading financial services company. (May 12)
Tick for bank merger
NEWS: The Australian Competition & Consumer Commission (ACCC) will make a final decision on Westpac's bid for St George Bank on 20 August 2008. (July 24)
Westpac merger wins over watchdog
NEWS: The Australian Competition & Consumer Commission has given a strong indication it will not block a major bank merger. (July 24)
ACCC unconcerned over Westpac/St George
NEWS: Says banks' wealth management arms only competition issue. (July 23)
St George-Westpac merger tensions
NEWS: Report says Fegan is downplaying deal to institutional investors. (July 18)
The Kelly gang
COMMENTARY: Westpac's Gail Kelly has hand picked a team of experienced executives to tame the bank's IT divisions and smooth out any problems that could arise with the St George merger. (July 17)
Merger receives mixed reviews
NEWS: There is some scepticism among Australians as to the benefits of the proposed merger between St George and Westpac.(July 15)
Big bank refugees threaten Kelly
NEWS: The proposed merger between Westpac and St George Bank could be undermined by small business, according to a survey by East & Partners. (July 10)
Investors wary of Westpac, St George deal: report
NEWS: Funds voice opposition to merger, while survey shows SMEs may flee St George. (July 10)
St George's brand damage
COMMENTARY: Aggressive attempts by St George to meet forecast growth in cash earnings have the potential to make Westpac very nervous, especially if they are achieved at the expense of goodwill. (July 8)
Deposit-fat Westpac's Dragon song is inevitable
NEWS: The merger between St George Bank and Westpac is not finalised, but all indications are that it will be by the end of 2008. (July 4)
The capitulation of St George
COMMENTARY:St George Bank says it's in tip-top shape, so why is it continuing to recommend the Westpac merger when the bid's value has fallen from $34 to around $25 a share? (July 4)
St George Westpac merger uncertain
NEWS: Opinion is divided in Australia on the chances of success for the takeover move on St George Bank by Westpac Banking. (July 3)
Beware short-sellers, Westpac warned
NEWS: Westpac Banking has been warned that short-sellers may be manipulating the market. (July 1)
Falling out of step
COMMENTARY: The value of Westpac's bid for St George has weakened as banking stocks tumble around the globe. But the market continues to price St George at a premium to the offer, with very good reason. (June 27)
St George, Westpac merger not certain: Fegan
NEWS: Westpac's decreasing share price sees scrip deal on shaky ground. (June 27)
St George boss warns on merger
NEWS: A top banking executive in Australia has some doubts about an $A18.6 billion merger deal. (June 27)
Each bank merger taken on merits: ACCC
NEWS: Decision on Westpac, St George merger not guide for other bank mergers, says watchdog. (June 25)
St George still values Westpac bid
NEWS: Westpac's share value has fallen by 28.5%, but its proposed merger with St George Bank will continue. (June 24)
Merger 'no threat to competition'
NEWS: Westpac Banking's proposed $A18.6bn takeover of St George does not constitute a threat to competition. (June 23)
Westpac Banking Corporation has...
NEWS: Westpac Banking has appointed Brad Cooper to the newly created role of group chief transformation officer. (June 20)
ACCC starts scrutinising Westpac bid
NEWS: The proposed merger between Westpac and St George Bank is being analysed by the Australian Competition & Consumer Commission (ACCC). (June 12)
ACCC seeks St George takeover feedback
NEWS: Range of views regarding Westpac, St George merger sought. (June 11)
Westpac feels pressure to lift St George bid
NEWS: The 5% fall in the value of Westpac shares to $A21.60 on 10 June 2008 brings the bank's total losses since announcing a takeover bid to 17%. (June 11)
Westpac set to mirror St George strategy
NEWS: Takeover target consistent leader in customer satisfaction rankings. (June 10)
St George operating model to stay
NEWS: Westpac will retain brands, distribution of proposed acquisition. (June 4)
Westpac moves executive into merger role
NEWS: Australian-listed Westpac has put Brad Cooper in charge of the process of integrating St George Bank. (June 4)
Westpac appoints merger manager
NEWS: Brad Cooper to oversee proposed integration with St George bank. (June 4)
Policy makes St George bid 'more likely'
NEWS: Analyst lists Suncorp, Bendigo, BOQ as possible bid targets. (June 3)
Banks want Four Pillars policy to go
NEWS: Government stands behind policy, won't allow big banks to merge. (June 3)
Measure twice, cut once
COMMENTARY: Wayne Swan's commitment to the 'Four Pillars' is both good politics and good policy. It's now time he now gave an equal amount of thought to depositor insurance. (June 2)
NAB weighs pros and cons of chasing the Dragon
NEWS: There is speculation in May 2008 that the National Australia Bank (NAB) could become a suitor for St George Bank (SGB). (May 29)
Deal loses appeal
COMMENTARY: A Westpac-St George merger offers only modest benefits for Westpac at a relatively high cost. NAB is seen as the most likely counter bidder but there are other options. (May 27)
Union unhappy about bank merger implications
NEWS: The Finance Sector Union wants the Australian Government to prevent Westpac Bank and St George Bank from merging. (May 27)
Westpac, Dragon name date
NEWS: Australian-listed Westpac Banking has issued its implementation agreement for the merger with St George Bank. (May 27)
Westpac eyes $300m St George savings
NEWS: The formal merger agreement has been issued by Westpac Banking and St George Bank in Australia. (May 27)
Creating nation's biggest bank will cost $700m
NEWS: Two banks in Australia are planning to merge, subject to regulators' approval. (May 27)
St George deal weighs on Westpac
NEWS: Westpac Banking CEO Gail Kelly has conceded that the synergies to be derived from the planned merger with St George will take time to achieve. (May 27)
St George, Westpac agree on merger terms
NEWS: St George Bank Ltd and Westpac Banking Corporation have agreed on merger terms to be put to shareholders. (May 27)
St George's wandering eye
WHEELS AND DEALS: The lack of a break fee and guarded language suggests St George is still open to offers despite its merger implementation agreement. (May 26)
Westpac, St George scramble to complete financial probes
NEWS: After two weeks of due diligence, Westpac Banking and St George Bank are expected to announced details of the planned merger on 26 May 2008. (May 26)
No surprises brings St George closer to crunch time
NEWS: A two-week period of due diligence will end on 26 May 2008, meaning a merger agreement between St George Bank and Westpac Banking could be finalised at any time. (May 26)
Mergers not just about cost-cutting
NEWS: Company directors at Westpac Banking and St George Bank have emphasised a proposed merger will focus on customers and branding success. (May 26)
Westpac,St George to reveal merger details
NEWS: All eyes on moves by the lenders' rivals to scuttle the deal, report says. (May 26)
Banks face new landscape
NEWS: The planned merger of Westpac and St George may start a process of transformation of the banking industry. (May 23)
Major shareholder slams St George deal
NEWS: Orion Asset Management 'outraged' by approval of Westpac bid. (May 22)
Westpac offer 'attractive', says St George
NEWS: Offer acknowledges value smaller bank will bring to merged entity, chairman says. (May 22)
What money can't buy
COMMENTARY: As the big banks run the numbers on a counter bid for St George they should consider just how important Westpac's commitment to the brand and its branch network are in the scheme of things. (May 19)
Commonwealth weighs own bid for St George
NEWS: A big takeover bid in Australia has stirred up the banking sector. (May 19)
Dragon head not swayed by theories on merger
NEWS: St George Bank CEO, Paul Fegan, denies a merger of the Australian bank with Westpac Banking is inevitable. (May 19)
Westpac warns off rival bids
NEWS: Westpac Banking believes its offer for St George Bank is "full and fair". (May 19)
Westpac ready to fend off rival suitors
NEWS: If a takeover rival emerged for St George Bank, Westpac would raise its $A18.6 billion offer. (May 19)
Numbers give Westpac the inside track
NEWS: St George Bank agreed fairly quickly to a takeover offer from Westpac Bank. (May 19)
More bids on the cards, says St George
NEWS: Westpac may bid higher for target, prepared to face counter offers. (May 19)
St George bid approval may take months: Kelly
NEWS: Westpac after Merrill Lynch's margin lending team, report says. (May 16).
CBA undecided on St George bid
NEWS: Bank chief not ruling out counter-bid to Westpac's $19 billion offer. (May 15)
A seismic shift for banks
COMMENTARY: ANZ and NAB can't afford to ignore the increased scale and efficiency that Westpac will achieve by acquiring St George. Their strategies will have to change to fit the new landscape. (May 15)
NAB won't rule out St George bid
NEWS: CEO John Stewart keeps an eye on Westpac's $19 billion bid for No. 5 bank. (May 15)
St George to be merged, not submerged
NEWS: Sources in the banking sector claim Westpac's bid for St George was deliberately structured to deliver a rapid acceptance. (May 15)
Circling St George
COMMENTARY:NAB and ANZ will no doubt be crunching the numbers on a counter-bid for control of St George – though if they were to proceed they would encounter hurdles that Westpac does not face. (May 14)
At arm's length, Kelly gets a fistful
NEWS: Westpac CEO, Gail Kelly, stands to become Australia's most powerful banker if the proposed merger with St George goes ahead. (May 14)
Share rise points to rival bid
NEWS: A rise in St George Bank's share price on 13 May 2008 had investors speculating about the possibility of a rival bidder emerging. (May 14)
St George open to other offers
NEWS: St George chair, John Curtis, has highlighted the possibility of the bank accepting a rival offer. (May 14)
Westpac charts course to emerge leaner and meaner with St George
NEWS: Westpac Banking's proposed merger with fellow Australian-listed group St George Bank is forecast to deliver efficiency gains. (May 14)
St George board grilled over proposal
NEWS: On 13 May 2008, the St George Bank board came under fire from analysts for its speedy endorsement of a merger proposal by Westpac. (May 14)
Kelly kept out of merger talks, says chairman
NEWS: Westpac CEO, Gail Kelly, stands to become Australia's most powerful banker if the proposed merger with St George goes ahead. (May 14)
Banks shape up to changing landscape
NEWS: The Australian banking sector faces changes. The takeover offer by Westpac Banking for St George Bank could lead to further consolidation. (May 14)
Investors expect copycat deals
NEWS: The recommendation by the St George Bank board to accept the Westpac offer has increased speculation in the Australian banking sector. (May 14)
Not first pick but it makes good sense
NEWS: Analysts can now see the sense in the Westpac Banking takeover of St George Bank, but some have reservations. (May 14)
Old funding model's seen better days
NEWS: St George chair, John Curtis, has rejected claims his bank accepted Westpac's offer because of funding concerns. (May 14)
Westpac offers $18.6bn for St George
NEWS: Westpac offers 1.31 shares for each St George share in a deal it says will increase value of assets and lower costs. (May 13)
Westpac-St George merger to see jobs at risk
NEWS: As many as 5,000 jobs could be lost from merger, while speculation is strong another bid may emerge. (May 13)
Westpac mindful of losing customers, revenue
NEWS: Merger model to minimise attrition, says CFO Phil Coffey. (May 13)
St George credit rating goes on analyst's watch
NEWS: Standard and Poor's waits for merger deal to play out. (May 13)
A glass-half-full merger
COMMENTARY: Most bank mergers produce savings of about 40 per cent of the cost base of the acquired bank, though St George might only offer half that level of savings for Westpac. (May 13)
Westpac to offer 1.31-for-1 for St George in scheme merger
NEWS: St George Bank Ltd and Westpac Banking Corporation have agreed on a scheme of arrangement merger based on 1.31 Westpac shares for each St George share. (May 13)
Competition woes
COMMENTARY: The increase in St George's cost of funding has substantially reduced its ability to compete. But with non-banks decimated and foreign banks retreating from our shores, the Federal Government may be tempted to create a 'fifth pillar'. (May 13)
$64bn bank would leap to No.1
NEWS: Westpac's proposed consolidation with St George Bank would result in Australia's biggest financial institution at $A64 billion. (May 13)
Megabank to ignite turf war
NEWS: Australian bank stocks surged on 12 May 2008, as investors speculated about the possibility of further takeovers. (May 13)
The customer is always right
COMMENTARY: A key component of Gail Kelly's tenure at Westpac has been cultural change. The merger between Westpac and St George presents a significant opportunity for Kelly, but it also presents its own set of challenges (May 13)
Was 'St Westpac' a predators' prayer?
NEWS: The proposed merger between Westpac Banking and St George Bank is expected to place Australian Treasurer Wayne Swan in a difficult position. (May 13)
NAB, CBA likely suitors who could gatecrash the wedding
NEWS: Experts expect rivals to emerge to Westpac Banking's bid for fellow Australian-listed group St George Bank. (May 13)
Banking revolution
NEWS: The proposed merger of St George and Westpac Banking could lead to the creation of seven-day-a-week "super branches". (May 13)
Westpac deal rocks Four Pillars
NEWS: The Australian Government's long-standing "four pillars" policy on major bank mergers could be undermined in May 2008. (May 13)
Bound for top of the roost
NEWS: The proposed merger of St George and Westpac Banking is expected to create a company worth almost $A70 billion. (May 13)
Planners' shake-up if marriage proceeds
NEWS: The Australian financial services sector may be in for a major reorganisation due to a large bank merger. (May 13)
Consolidation looms as cycle turns
NEWS: The proposed merger between Westpac and St George appears set to spark a new era of financial sector consolidation in Australia. (May 13)
It's been on the cards for at least a decade
NEWS: Westpac's meticulously planned bid for St George Bank has also occurred at just the right time after years of speculation. (May 13)
Merger excitement spreads
NEWS: Australian-listed Westpac Banking and St George Bank have begun talks on a merger. (May 13)
Stalker no stranger to mergers
NEWS: The proposed merger between St George and Westpac would be the largest in Australian banking history if successful. (May 13)
Swansong for four pillars
NEWS: The Australian Government's "four pillars" policy has for a long time banned mergers between the nation's leading banks. (May 13)
Going boldly down a well-known path
NEWS: New Westpac Banking CEO, Gail Kelly, appears determined to make her company Australia's largest bank by market value. (May 13)
Best laid plans
COMMENTARY: As we suggested earlier this morning, the directors of St George Bank endorsed the bid from Westpac, expected to be worth around $33 a share. (May 13)
Bank merger 'faces regulatory hurdles'
NEWS: Opposition says merger will lead to job losses, branch closures. (May 12)
Westpac, St George in merger talks
NEWS: Firms enter trading halt to discuss possible merger deal to increase competitive capabilities. (May 12)
No action on Westpac ratings:Moody's
NEWS: Ratings agency awaits more information on the proposed transaction. (May 12)
Moody's places St.George ratings on review
NEWS: Ratings agency says direction uncertain till more merger detail emerges. (May 12)
Advantage Westpac
COMMENTARY: A merger with Westpac will solve many of St George's problems and no-one knows them better than Westpac's chief executive Gail Kelly. (May 12)
Capturing St George
COMMENTARY: Westpac's bid for St George is going to stoke the imaginations of banking executives at all of the remaining big four banks. A successful merger with the $15 billion bank would deliver any of them a huge advantage. (May 12)
In the red corner
WHEELS AND DEALS: Details on the who's who of mega-merger advisory teams. (May 12)
Westpac talks merger with St George Bank
NEWS: Westpac Banking Corporation and St George Bank Ltd say they are discussing an all-share merger to create Australia's leading financial services company. (May 12)
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