Behind the wheel for a capital-raising deal
July 19, 2008
ST GEORGE Bank has packaged up the last remaining car loans on its books into a cash-generating securitisation deal, with European and Australian investors taking more than double the value of asset-backed notes originally offered.
St George reaffirms earnings forecast
St George Bank has reaffirmed its annual fiscal 2008 earnings guidance after posting a 12.5 per cent rise in cash profit for the first 10 months of the year.
St George has tough road ahead: JPMorgan
St George Bank has a far worse outlook than any of its peers, but is likely to talk up its prospects to attract a higher takeover bid, according to JPMorgan.
Gloomy forecast for St George
St George Bank has a far worse outlook than any of its peers, JPMorgan says.
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.
Stalking the dragon
The story of the acquisition of St George begins on a fateful day last August when some startling news sparked the global credit crisis, writes Danny John.
All-cash rival bid for St George...
THE prospect of an international bank or an unlisted local rival making an all-cash bid to counter Westpac's $66 billion merger with St George Bank has receded sharply after...
Credit squeeze makes Dragon prey
The global credit squeeze and the higher cost of funding it has induced is the key that Westpac chairman Ted Evans hopes will unlock St George Bank.
Mega-bank in the making
Westpac enters merger talks with St George Bank to create Australia's largest home lending and wealth management provider.
St George on target for record profit
ST GEORGE Bank will see out what is increasingly looking like its last few months as an independent institution on the back of a record full-year profit.
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.
Dragon head not swayed by theories on...
The chief executive of St George Bank has denied his group's supposed financial weaknesses has made its merger with Westpac inevitable and necessary.
Issues over St G-Westpac merger: ACCC
The ACCC says competition issues have emerged from its initial inquiries into the proposed $16 billion takeover of St George Bank by Westpac Corp.
Union questions bank merger benefits
The banking employees union has questioned a major benefit of the proposed merger of Westpac and St George banks.
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.
St George lifts rates in spite of RBA
St George Bank has sparked fears of another round of interest rate rises by the major banks after raising its standard mortgage rate.
Westpac offer 'in the ball park'
Most analysts say Westpac's offer of $33.10 for each St George share is fair, but some are still hoping for more.
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.
Creating nation's biggest bank will cost $700m
THE $700 million price tag attached to the merger of Westpac and St George banks is expected to be met by stripping as much as a quarter of St George's cost base from the combined entity.
St George on target for profit
St George is expected to reveal it remains on track to hit its revised profit target for 2008 financial year.
Dragon on track for record
A LATE surge in profitable income over the final weeks of the financial year is set to lift St George Bank to record earnings of $1.3 billion, although the result is likely to...
St George in Wonderland
We are invited to believe that the credit crisis is pure chimera and St George is racking up earnings growth of 25% in the second half.
Westpac sticks with bid
Westpac will go ahead with its bid for St George Bank after completing due diligence.
St George top-up leads mortgage...
ST GEORGE Bank yesterday added to the pressures on household budgets already strained by rising fuel prices and high home-loan costs with another "top-up" monthly mortgage...
Westpac, St George talk merger
Westpac enters merger talks with St George Bank to create Australia's largest home lending and wealth management provider.