ACCC moves on Westpac-St George merger
The Australian Competition and Consumer Commission (ACCC) has moved on the Westpac merger with St George Bank and called for submissions relating to competition issues around the proposed transaction.
The ACCC’s action, announced today, has been welcomed by Westpac as the next phase in the process.
In a statement released to the Australian Securities Exchange today, Westpac said the proposal to merge with St George was a significant and important market development and the bank recognised the regulator’s responsibilities in undertaking a thorough market investigation.
“Westpac believes the merger is a compelling proposition for stakeholders, particularly customers and shareholders,” the statement said.
The bank pointed out that the ACCC’s preliminary conclusion was that the proposed merger was unlikely to raise competition concerns in most markets.
AUTHOR
Mike Taylor
Recommended for you
The corporate regulator has issued infringement notices to three AFSLs whose financial advisers provided personal advice to a retail client while unregistered.
Rather than taking a controlling approach, the latest generation of overseas private equity deals is helping advice firms to achieve their growth ambitions, three commentators have said.
Private wealth firm Fitzpatricks Group has appointed a newly created head of product, who previously spent 20 years at CFS, to bolster its range of investment options.
The Financial Services and Credit Panel has made a written direction after advice regarding non-concessional contributions meant an individual was forced to withdraw over $330,000 from their super.
