Fegan resigns as merger proceeds
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.
AUTHOR
Mike Taylor
Recommended for you
ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test.
Quarterly Wealth Data analysis has uncovered positive improvements in financial adviser numbers compared with losses in the prior corresponding period.
Holding portfolios that are too complex or personalised can be a detractor for acquirers of financial advice firms as they require too much effort to maintain post-acquisition.
As the financial advice profession continues to wait on further DBFO legislation, industry commentators have encouraged advisers to act now in driving practice efficiency.
