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Westpac, St George merger approved

by Staff Reporter7 minute read
The Adviser

Australia’s fifth largest bank is set to become part of Westpac after shareholders yesterday voted overwhelmingly in favour of the proposed takeover.

Approximately 95 per cent of St George’s shareholders voted in favour of the deal, the banks confirmed today.

St George chairman John Curtis said the deal would create “the leading financial services organisation” and an entity rated AA – one of only 17 in the world.

Together the banks will possess 21.9 per cent of the total mortgage market, according to data from UBS.

Published: 13-11-08

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