The Australian Competition and Consumer Commission (ACCC) has moved on the Westpac merger with St George Bank and called for submissions relating to competition issues around the proposed transaction.
The ACCC’s action, announced today, has been welcomed by Westpac as the next phase in the process.
In a statement released to the Australian Securities Exchange today, Westpac said the proposal to merge with St George was a significant and important market development and the bank recognised the regulator’s responsibilities in undertaking a thorough market investigation.
“Westpac believes the merger is a compelling proposition for stakeholders, particularly customers and shareholders,” the statement said.
The bank pointed out that the ACCC’s preliminary conclusion was that the proposed merger was unlikely to raise competition concerns in most markets.
