Westpac complete $15b St George takeover | Business

1st December 2008

WESTPAC Banking Corporation has become Australia's second biggest bank, completing its $15 billion takeover of St George Bank Ltd.

All St George ordinary shares have been transferred to Westpac, in accordance with the scheme for the merger, the two banks said in a statement on Monday.

As well, under the so-called "SAINTS" Scheme, all SAINTS have been transferred to Westpac and all award options subject to the option scheme have been cancelled.

St George's board directors have resigned, with John Curtis, Graham Reaney and Peter Hawkins joining Westpac's board from Monday.

St George now has become a subsidiary of Westpac and a new board for the subsidiary also comes into being on Monday, with Mr Curtis its chairman.

Other new St George board directors include Peter Hawkins, Lindsay Maxsted, 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 Monday.

Alexandra Crompton has been appointed as a company secretary of St George, the banks said.

At 1144 AEDT shares in Westpac were trading 56 cents, or 3.13 per cent lower at $17.33.

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