Dragon on track for record
August 12, 2008
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 be at the lower end of its reduced forecasts.
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.
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.
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.
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.
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.
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.
Gloomy forecast for St George
St George Bank has a far worse outlook than any of its peers, JPMorgan says.
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...
Westpac, St George talk merger
Westpac enters merger talks with St George Bank to create Australia's largest home lending and wealth management provider.
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.
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.
Westpac sticks with bid
Westpac will go ahead with its bid for St George Bank after completing due diligence.
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 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.
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.
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.
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.
Westpac, St George agree merger terms
Westpac and St George Bank have agreed the terms of a merger between the two which will result in a new bank with a capitalisation of $66 billion.
ASX high at noon as Wall St soars
The Australian stock market was up at noon as News Corporation Ltd reported robust fourth-quarter and full-year results.
08/06/08
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