Wayne weds Westpac and St George

Treasurer Wayne Swan has given his approval to Westpac’s proposed $18.6 billion takeover of St George.

Last night (October 23rd), he said that the move was in the national interest and would help to brace the country against strong financial headwinds.

“I didn’t take this decision lightly. It was taken after very careful consideration of all the issues,” he said.

Retaining its distinctive brand, St George will continue to offer credit cards and home loans, although it will now benefit from the protection of Westpac’s solid lending position.

As such, it may be able to pass on this stability in the form of low-interest home loans and strong savings interest rates.

Following the approval, St George’s chairman Ted Evans said that being taken under Westpac’s wing would help the brand to offer solid products and services during a period of considerable economic turbulence.

He concluded that it would help both banks to grow and provide the best service to customers.ADNFCR-1761-ID-18845416-ADNFCR