The Commonwealth government will introduce a "responsible lending test" to the consumer credit code next year according to sources. Under the new rules, lenders.....
St George has left the gate open for bids from banks other than Westpac after refusing to agree to a "break fee" clause. While the proposed takeover has been agreed to by both boards and the price including a 28 per cent premium, St George's chairman John Curtis has made it clear that the bank reserves the right to accept a higher offer. Westpac is believed to have been pushing for a break fee of at least $100 million. It's been revealed that Westpac has been stalking St George since 2001 but chairman Ted Evans said that the bank has only now been able to make the deal pay.
