St George surrenders: the merger that ABS made
The strategic reasons for Westpac to buy St George Bank have not changed for years. What has changed is that St George, heavily reliant on wholesale funding, has been weakened by the credit crunch, especially its reliance on securitisation.
Any employees or shareholders of St George Bank who are dismayed that Australias fifth biggest lender has agreed to be bought by its larger rival Westpac for less than it was worth in December should blame todays all-purpose bugbear subprime.The industrial logic for the merger, good or ...
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