The merger of the St George and Westpac Banking Groups drew a step closer today with the announcement that the schemes of arrangement had become effective and that St George’s chief executive, Paul Fegan, had resigned.
However, Fegan is not leaving the bank empty-handed and will receive a termination package in the order of $2 million.
The bank said Fegan’s contract would be terminated effective from December 8.
The announcement of Fegan’s departure came at the same time the bank advised the Australian Securities Exchange that it had lodged with the Australian Securities and Investments Commission court orders approving the share scheme for the merger of the two banks.
It said, as a result, the schemes had become effective under the Corporations Act.
