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The all-stock deal valued St.George at A$18.6 billion (US$17.5 billion), or A$33.10 a share, a premium of 28.5% to the closing price of St.George shares on 9 May in Australia. St.George shareholders received 1.31 Westpac shares for each St.George share and owned 28.1% of the new entity.
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.
BankSA is a wholly owned entity of St George Bank, which is owned by the Westpac Banking Corporation. Westpac is a publicly listed ASX private company with an Australian Financial Services Licence (AFSL). Both BankSA and Westpac are a part of the Australian Prudential Banking Deposit Scheme, which gives government assurances of all deposits ...