(25 November 2005 – Australia) St George Bank continues to fend off market rumours, the latest being that Australia’s fifth largest bank could be a target for rapidly expanding HBOS/BankWest.St George’s corporate affairs department dismissed the rumour that HBOS may table a bid for the bank.
The reports failed to say where this latest rumour originated but it seems that attention often focuses on St George when there’s a slow news day, due primarily to its unique market position sitting between the majors and regionals.
Earlier this year, speculation that St George and Queensland based regional bank Suncorp might merge gathered a head of steam before dying away again.
Much was written about St George chief executive Gail Kelly being the likely replacement for retiring Commonwealth Bank chief executive David Murray, so much so that many banking commentators were taken by surprise when Ralph Norris eventually took the role.
This latest rumour appears to be trotted out on the basis that St George discussed the idea of a merger with BankWest back in 2001.