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Westpac plus St George is all good 9 September 2008
St George and Westpac have renegotiated some key terms of the deal to merge the two banks. St George chairman John Curtis yesterday said he approved of the new terms. Westpac chairman Ted Evans said the new terms would ensure that merger benefits would be realised more quickly. The benefits of the proposed merger between Westpac and St George banks may exceed Westpac's own forecasts and deliver up to $2 billion in cost savings by the end of the 2010 financial year says Macquarie Equities. A share buy-back may also be possible by 2013 when up to $2 billion in surplus capital may be available in the merged entity. The deal will save St George from another big capital raising, which would have been required without the merger. Westpac will diversification benefits and both will achieve savings from scale and synergy says Macquarie. The combined group will need capital funding of around $35 billion, up fro $20-$25 billion for Westpac alone.
