Home
Big banks merge in Australia
Bombay News.Net
Tuesday 13th May, 2008
In Australia, two large banks, St George Bank and Westpac, say they have agreed to the key terms of their proposed AUD$18.6 billion merger.
The two banks have signed an agreement clearing a two-week period for them to examine each other's books and negotiate the deal.
The merger, which still needs regulatory approval, will create Australia's biggest bank in terms of sharemarket value, which will have 10 million customers and be Australia's biggest mortgage lender, with 25 per cent of the market.
The Australian Competiton Consumer Commission will have to review the submission as there could be serious competition issues.
 Email this story to a friend
Comments on this story
Sammy
05-13-08, 08:23 AM |
Big banks merge in Australia
Mergers, create un-employment as well as unfair competition.
There were once anti-monopoly laws, but it seems that these laws have been lost as well as the books that they were written in.
Mind you, this is a global trend, to merge and become bigger and bigger, to squash competition, and lose many jobs, and it seems to be a trend to eliminate the middle class entirely, and creating a two class system, the very rich and the very poor looking for han-outs from the rich.
Sammy
|
disgusted
05-14-08, 05:39 AM |
dont deal with them
There are very many lending institutions in Australia,just dont do business with these money hungry vultures.
|
Have your say on this story
|
 |
 |
- Lohan plays "passive wife" in relationship with gal pal Ronson
New Delhi, July 4 : While Lindsay Lohan and Samantha Ronson continue to stay silent on their relationship's standing, it seems the actress takes on the role of a "passive wife" when she's with her gal pal. [read story]
- Market ends last trading day of the week in green
Mumbai, July 4 (IANS) The Indian equities market ended the day in green on the back of heavy buying in realty, capital goods, power and banking stocks. [read story]
- IIT Delhi revokes termination order of 3 students
New Delhi, July 4 : The Indian Institute of Technology (IIT), Delhi has revoked the expulsion of three students for under performance here today, including two belonging to the Scheduled Caste. [read story]
- Third Tibetan Film Festival begins in Delhi Saturday
New Delhi, July 4 (IANS) The vast desolate landscape of Tibet with its rugged snow-lined peaks, majestic valleys, howling winds, Buddhist monasteries and a colourful indigenous culture woven around the gospel of Siddhartha will reveal itself at a festival of Tibetan movies July 5-9 in the capital's India International Centre (IIC). [read story]
- Assam petrochemical plant to be completed by 2012
Guwahati, July 4 (IANS) The Rs.54.6-billion petrochemical plant of the Brahmaputra Cracker and Polymer Ltd at Dibrugarh in Assam will be completed by April 2012, it was announced at the company's first annual general meeting here Friday. [read story]
|
|
 |
 |
|
|
