(17 November 2008 – Australia) An overwhelming majority of St George shareholders have approved the merger with big four bank, Westpac.Late last week, approximately 95 percent of the votes cast at St George’s Share Scheme Meeting were in favour of the merger proposal.
St George Bank chairman, John Curtis, reaffirmed that the merger would create the largest financial organisation in Australia and that through Westpac’s AA rating, the merged entity would be one of only 17 banks with that rating or higher.
Shareholders approved the merger at 1.31 Westpac shares for every St George share they hold. In addition, a final and special dividend totalling A$1.25 will be paid on Thursday 18 December.
Curtis said that he is pleased that the St George brand and branch network will be maintained, along with a corporate presence in Kogarah.
Westpac chairman, Ted Evans, said the strong vote in favour of the merger demonstrated that St George shareholders appreciated the benefits that this merger will create.
He welcomed St George shareholders, customers and employees who, with Westpac, will bring together the best of both banks. Evans said that the merger creates a larger, more diverse and even stronger financial services company – well positioned to meet the challenges of the current global environment.
This is a transformational transaction for Westpac and will accelerate Westpac’s customer-focussed growth strategy and deliver value for both St George and Westpac shareholders, Evans added.