St George has tough road ahead: JPMorgan
August 7, 2008
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.
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.
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 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 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.
Mega-bank in the making
Westpac enters merger talks with St George Bank to create Australia's largest home lending and wealth management provider.
Westpac bid still of interest: St George
St George says it could reconcile the bullish nature of the operational update of its business with its recommendation of a takeover offer from Westpac.
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.
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 and St George Bank mull £31bn merger
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 equivalent to about half the size of the country’s population.
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 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.
Gloomy forecast for St George
St George Bank has a far worse outlook than any of its peers, JPMorgan says.
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.
NAB still mulling St George bid
National Australia Bank chief executive John Stewart say his bank is looking over St George Bank before deciding whether to make a bid for it.
Australian banks agree mega merger ...
AFP - Two major Australian banks agreed Tuesday to a proposed merger which would create the nation's biggest financial services group worth around 66 billion dollars (62 billion...
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...
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 deal raises hopes of Australia bank shake-out (Reuters)
Reuters - The largest banking takeover in Australia's corporate history has spurred investors to pile into shares of smaller banks in the hope of a sector shake-out.
Westpac approaches St George over merger
Westpac Banking Corporation has approached St George Bank about a proposed merger between the two.
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.
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.
Policy makes St George bid 'more likely'
The renewed commitment to a policy that prevents Australia's top four banks from merging makes a counterbid for St George Bank more likely, an analyst said.
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.
Analyst urges banks to raise rates
Australia's top four banks could lose a combined $500 million if they don't again raise their standard variable home loan rates, says investment bank JP Morgan.