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On 1 November 2006, St.George Bank posted a net profit of A$1bn for 2005/06, a 17.9 per cent increase on the previous year, and a record profit for the bank. At the time of its acquisition by Westpac in 2008, St.George Bank Limited (as it was then known) was the fifth largest bank operating in Australia. [10]
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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 ...
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2011: During July, St George branches in the state of Victoria were rebadged as Bank of Melbourne branches. In early February 2012, Westpac announced plans to axe more than 400 domestic jobs and another 150 offshore jobs. This action was a response to much slower growth over the past several years and the desire to rationalize following Westpac ...
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