(2 March 2010 – Australia) Westpac Banking Corporation announced yesterday that it has now began operation as a single authorised deposit-taking institution (ADI) following the bank’s merger with St George Bank Limited.As part of the bank’s regulatory requirement to transition to a single ADI, Westpac was waiting on approval from APRA as well as the Federal Court’s approval to deregister the corporate entity, St George Bank Limited.
With St George now deregistered, all assets and liabilities of St George Bank have now become Westpac’s.
Westpac said in a statement that despite the move to become a single ADI, there will be no impact on the separate St George brand and branches.
The bank also said that most importantly it will not affect the customers of St George’s day to day interactions with the bank.