St George on target for record profit
August 10, 2008
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.
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 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.
Mega-bank in the making
Westpac enters merger talks with St George Bank to create Australia's largest home lending and wealth management provider.
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.
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.
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 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.
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.
Westpac beats gloom
WESTPAC yesterday ruled out any need to ration lending in the global credit crisis, revealing that it had so far escaped the worst of the domestic economic slowdown.
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.
St George on track for earnings target
Takeover target St George Bank says it remains on track to meet its earnings growth target for fiscal 2008 and that its credit quality remains strong.
Westpac, St George talk merger
Westpac enters merger talks with St George Bank to create Australia's largest home lending and wealth management provider.
Westpac deal raises hopes of...
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.
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.
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 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.
Union questions bank merger benefits
The banking employees union has questioned a major benefit of the proposed merger of Westpac and St George banks.
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.
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.
Westpac sticks with bid
Westpac will go ahead with its bid for St George Bank after completing due diligence.
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...
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...