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On 12 May 2008 Kelly announced an $18.6 billion merger between Westpac and St. George Bank. [6] The merger was approved by the Federal Court of Australia and finalised on 26 May 2008. [ 7 ] The merger resulted in the new combined Westpac Group having 10 million customers, a 25% share of the Australian home loans market and with $108 billion ...
St.George shareholders received 1.31 Westpac shares for each St.George share and owned 28.1% of the new entity. Upon completion of the merger with Westpac, Greg Bartlett (former group executive in charge of St.George Institutional and Business Bank) was appointed CEO of the bank, reporting to Westpac's then-CEO, Gail Kelly.
The Advance Bank was an Australian bank that existed from 1985 until 1997, when it merged with St George Bank. [1] It is not related to Advance Bank AG of Germany (which was shut down by Allianz in 2003).
Westpac Banking Corporation, also known as Westpac, is an Australian multinational banking and financial services company headquartered at Westpac Place in Sydney. [ 2 ] Established in 1817 as the Bank of New South Wales , it acquired the Commercial Bank of Australia in 1981 before being renamed to Westpac Banking Corporation in 1982.
The four pillars policy is an Australian Government policy to maintain the separation of the four largest banks in Australia by rejecting any merger or acquisition between the four major banks. [1] The policy, rather than formal regulation, first articulated in 1990, reflects the competitive concerns of more concentration as well as the broad ...
The Bank of Melbourne is a financial institution operating in Victoria, Australia.A subsidiary of Westpac, it commenced operations on 25 July 2011.. The Bank of Melbourne initially rebadged the Victorian business of St George Bank, another wholly owned subsidiary of Westpac, as part of a major local branding strategy.
The Bank of New South Wales (BNSW), also known as The Wales, was the first bank in Australia.It was established in 1817 in Sydney.During the 19th century, the bank opened branches throughout Australia and New Zealand, expanding into Oceania in the 20th century.
In April 2022, ANZ was involved in a joint venture with Scentre Group, Westpac, IBM and the Commonwealth Bank named Lygon, a blockchain startup. [71] In July 2022, ANZ agreed to terms with Suncorp to purchase Suncorp Bank for $5 billion. [72] However, the Australian Competition & Consumer Commission (ACCC) blocked the deal in August 2023. [73]