ACCC moves on Westpac-St George merger
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.
AUTHOR
Mike Taylor
Recommended for you
Melbourne advice firm Hewison Private Wealth has marked four decades of service after making its start in 1985 as a “truly independent advice business” in a largely product-led market.
HLB Mann Judd Perth has announced its acquisition of a WA business advisory firm, growing its presence in the region, along with 10 appointments across the firm’s national network.
Unregistered managed investment scheme operator Chris Marco has been sentenced after being found guilty of 43 fraud charges, receiving the highest sentence imposed by an Australian court regarding an ASIC criminal investigation.
ASIC has cancelled the AFSL of Sydney-based Arrumar Private after it failed to comply with the conditions of its licence.
