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.
Recommended for you
Sequoia Financial Group has announced it is selling off its Informed Investor subsidiary which it acquired in April 2022.
Wealth Data has examined which advice business model has seen the most growth since the start of the year including those that offer holistic advice.
Research conducted by Elixir Consulting and Lonsec has quantified the efficiency gains of using managed accounts in financial advice practices in hours per week saved.
With only one-quarter of advice practices actively seeking feedback from clients, the Financial Advice Association Australia has emphasised why this is a critical tool for client retention.