(15 February 2010 – Australia) Westpac has reached another milestone in its merger with St George Bank, receiving consent from the Federal Treasurer as part of the process to move to a single Authorised Deposit-taking Institution (ADI).As part of the bank’s regulatory requirement to transition to a single ADI, Westpac still requires APRA’s approval as well as the Federal Court’s approval to deregister the corporate entity, St George Bank Limited.
The transition means for the two banks a change in corporate structure and will not impact the operations of the separate St George brand and or its branches.
Once all necessary approvals have been sought it will mean that Westpac will become the successor in law of St George Bank Limited and all assets and liabilities of St George will become Westpac’s.
The completion will also mean that all regulatory and prudential reporting by St George will cease and be amalgamated in Westpac’s reports.