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Big banks merge in Australia
Myanmar 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.
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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
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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.
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