Westpac welcomes ACCC Statement of Issues
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Westpac Banking Corporation (WBC) | 8:31 am, Thursday 24 July 2008 | WBC | 22.200 |
 -2.400 |
(-9.76%) |
23 July 2008
Westpac welcomes ACCC Statement of Issues
Westpac Banking Corporation today welcomed the ACCC Statement of Issues as
the next phase in the ACCC's process of inquiry into the Westpac proposal to
merge with St.George Bank.
The proposal to merge with St.George is a significant and important market
development and Westpac recognises the ACCC's responsibilities in undertaking
a
thorough market investigation. Westpac believes the merger is a compelling
proposition for all stakeholders, particularly customers and shareholders.
Under our
proposed operating model, the brands and branches of both organisations will
be
retained.
The ACCC's preliminary conclusion is that the proposed merger is unlikely to
raise
competition concerns in most markets, including personal, business,
institutional
and corporate banking markets and insurance markets.
Westpac will work closely with the ACCC through to the conclusion of the
process
and is confident that it will satisfactorily address any remaining issues.
Ends.
For Further Information
David Lording Jane Counsel
Westpac Media Relations Westpac Media Relations
Ph: 02 8253 3510 Ph: 02 8253 3443
Ph: 0419 683 411 Ph: 0416 275 273