Westpac Acquisition of St. George Completed
Westpac officially became Australia’s second largest lender today after completing it’s A$ 15 billion takeover of St. George.
The two banks issued a statement today saying that all St George’s ordinary shares have been transferred to Westpac, in accordance with the scheme for the merger. All of St. George’s board of directors resigned today, with three board members John Curtis, Graham Reaney and Peter Hawkins joining Westpac’s board from today.
St. George is now a Westpac subsidiary and now has a new board of directors with Mr. Curtis as its chairman. The new board for St. George includes Westpac’s chief executive and managing director Gail Kelly, and Greg Bartlett who becomes chief executive of St George’s retail and business banking units from today.
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