Australian Banks Set for Shakeup
May 12, 2008
Westpac approached St. George with an over $14.15 billion offer that would shake up Australian banking, as the sector is squeezed by a rise in overseas funding costs and tighter interest rates at home.
Westpac Banking Corporation and St George banks in merger talks
Westpac Banking Corporation, Australia's oldest company, is in talks with St George, a former building society, about merging to form a A$64 billion ($£31 billion) institution.
Australia's Westpac offers $14B for bank rival St. George
Westpac Banking Corp. said Monday it has approached rival St. George Bank Ltd. with a $14 billion takeover offer that could lead to the biggest shakeup of Australia's banking sector in years. 
Westpac momentum tipped to continue
Analysts say Westpac Banking Corporation Ltd is a "safe haven" in the finance sector and are tipping its strong profit momentum to continue.
Australia's Westpac bank posts 34...
Westpac Banking Corp. Ltd. on Thursday announced a 34 percent rise in net profit over the last six months as a strong local economy fueled sustained demand for credit.
Westpac expect 8% cash earnings growth
Westpac Banking Corporation says it is on track to deliver 2008 cash earnings growth of between six and eight per cent.
Australia's St. George Bank agrees to...
St. George Bank on Tuesday agreed to an 18.6 billion Australian dollar ($17.5 billion) takeover offer from Westpac Banking Corp. that would create Australia's biggest bank and...
Westpac to raise $600m from new issue
Westpac Banking Corp plans to raise $600 million from the sale of new Tier 1 hybrid securities in the domestic market.
Westpac may bid higher for St. George
Westpac Banking Corp Ltd WBC.AX
Westpac may have to boost $17.6 billion St George bid (Reuters)
Reuters - Westpac Banking Corp Ltd , which has bid $17.6 billion for St George Bank in the biggest banking takeover ever in Australia, is bracing for rival offers to emerge that could push the price tag even higher.
Westpac approaches St. George in major shakeup of Australian bank sector
Westpac Banking Corp. said Monday it has approached rival St. George Bank Ltd. with a 15 billion Australian dollars (US$14 billion; €9 billion) takeover offer that could be the biggest shakeup of Australia's bank sector in years.
Westpac Bid Deserves Closer Look
Westpac Banking's $18.1 billion bid for St. George Bank would create a powerhouse that has some analysts taking a good look at Westpac's stock.
St George to recommend Westpac takeover
St George Bank's board will recommend to its shareholders Westpac Banking Corporation's $19b takeover after the two lenders signed an implementation agreement.
Westpac and St George Bank mull...
Westpac Banking Corporation, Australia’s oldest company, is in talks with a
smaller rival to create a A$64 billion ($£31 billion) institution with a
customer base...
Westpac cash profit expected to rise
Westpac Banking Corporation is expected to sidestep the bad debt troubles faced by the ANZ Bank and report a healthy rise in first-half cash profit.
Westpac raises mortgage rates again
Westpac Banking Corp has become the third bank in less than a week to raise its variable mortgage rates independently of the central bank.
Westpac approaches St George over merger
Westpac Banking Corporation has approached St George Bank about a proposed merger between the two.
Australia's Westpac bids $17.6 billion for St George (Reuters)
Reuters - Westpac Banking Corp Ltd launched a $17.6 billion all-share bid for smaller rival St George Bank Ltd in a tie-up that would create Australia's biggest bank by market value.
St. George agrees to Westpac takeover
Westpac Banking Corp. and smaller rival St. George agreed to a takeover deal Tuesday worth 18.6 billion Australian dollars ($17.5 billion) that would create Australia's biggest bank by market capitalization.
St. George agrees to Westpac deal
Australia's St. George Bank Ltd. has agreed to accept an offer from Westpac Banking Corp. that would result in one of the country's biggest corporate takeovers.
Westpac says Gail Kelly a 'great asset'
Westpac Banking Corp chairman Ted Evans says CEO Gail Kelly is a "great asset" as the company attempts to buy rival St George Bank.
Westpac cuts Mortgage Choice commissions
Listed home loan broker Mortgage Choice Ltd has confirmed its funding source, Westpac Banking Corporation, plans to cut commissions for new business.
Market dips as Tabcorp, Tatts slump
Australian shares fell 0.5%, as Tabcorp and Tatts Group tumble on the loss of a key market for their slot machines.
Westpac raises standard variable rate
Westpac Banking Corporation has raised its standard variable home loan rate by 10 basis points to 9.37 per cent as a result of the global liquidity crisis.
Westpac bags $270m from Visa float
Westpac Banking will bag a $270 million before-tax gain from its shareholding in credit card giant Visa Inc which has listed on the New York Stock Exchange.