ACCC sanctions Westpac/St George merger
The St George/Westpac merger has passed the Australian Competition and Consumer Commission (ACCC) hurdle.
The ACCC announced today that it had concluded the proposed merger was unlikely to substantially lessen competition.
ACCC chairman Graeme Samuel said the conclusion had been reached after conducting a comprehensive review of the proposed acquisition, including extensive market enquiries with a range of interested parties, confidential surveys by the ACCC and considering internal documents of the merger parties.
“The ACCC reached the conclusion that, while St George Bank is a relatively innovative and dynamic competitor with a strong focus on customer service, other competitors to the merged entity which remain in the market will continue to play a similar role.”
AUTHOR
Mike Taylor
Recommended for you
The financial advice industry has enjoyed another week of strong new entrant numbers, totalling nearly 40 for the past fortnight, thanks to the latest exam passes.
Momentum Media’s wealth publishing network – comprising InvestorDaily, ifa, SMSF Adviser, Money Management, and Super Review – is proud to launch the annual Australian Wealth Management Awards.
Investment information firm Equity Story has signed a binding heads of agreement to acquire South Australian financial advisory and stockbroker Baker Young for $4.2 million.
Net cash flow on AMP’s platforms saw a substantial jump in the last quarter to $740 million, while its new digital advice offering boosted flows to superannuation and investment.
