Westpac 'sensitive to St George customer needs'
With St George now taken under Westpac’s wing, one expert has said that the bank will have to tread carefully to avoid losing customers.
However, Business Spectator banking expert Stephen Bartholomeusz has also pointed out that Westpac is a deft player among banking giants and will be well aware of the need to treat its new customers well.
Mr Bartholomeusz went on to state that while it might be tempting to let competition and brand standards slip, consumers and businesses will be keeping a keen eye on their operations.
He noted that this will be particularly true in the home loans market, where brokers will be eager to make sure the flow of low-interest home loans does not dry up in the wake of the takeovers of 2008.
Other prominent mergers included the joining of Commonwealth and BankWest and Aussie Home Loans’ takeover of Wizard.
The former will now take charge of more than $4 billion worth of home loans held by Wizard.