And then there was one
The branding may remain separate, but Westpac and St George are now officially a single entity for regulatory purposes.
Westpac announced to the Australian Securities Exchange (ASX) today that it had begun operating as a single authorised deposit-taking institution (ADI), in which all the assets and liabilities of St George had become those of Westpac.
It said that in conjunction with this, the legal entity St George Bank Limited had been deregistered.
The announcement said the move to a single ADI and deregistration would have no impact on the separate St George brand, and would not affect customers’ ordinary day-to-day interactions with St George.
AUTHOR
Mike Taylor
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