Westpac has completed its transition to a single authorised deposit taking institute, following Australian Prudential Regulation Authority and Federal Court approval.
According to an ASX announcement, Westpac first began the process of transitioning to a single ADI on 12 February 2010.
Effective from yesterday, all the assets and liabilities of St George Bank will now become those of Westpac Banking Corporation.
In conjunction, the legal entity, St George Bank, has been deregistered.
“The deregistration will have no impact on the separate St George brand and branches,” the ASX announcement read.
“The change will also have no impact on customer’s ordinary day to day interactions with St George.”