St.George Bank is an Australian financial institution headquartered in Sydney. Established in 1937, it operated as an independent entity until its merger with Westpac Banking Corporation in 2008.
Ownership History
On December 1, 2008, Westpac Banking Corporation acquired St.George Bank through an all-scrip merger. Shareholders of St.George received 1.31 Westpac shares for each St.George share held. This merger was valued at approximately AUD 18.6 billion.
Post-Merger Developments
Following the merger, St.George Bank ceased to operate as a separate legal entity and was deregistered in 2010. Despite this, the St.George brand continues to be used for retail banking services, and the bank operates as a division within the Westpac Group.
Current Status
Today, St.George Bank functions under the Westpac Group umbrella, offering a range of financial services while maintaining its distinct brand identity.
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