The newly appointed chief executive of St George Bank, George Frazis, will have to help his boss, Westpac chief executive Gail Kelly, show sceptical investors that her takeover of St George was a good move.At the moment not many think it was. Typical of  investor sentiment is this comment from JP Morgan in a report on Westpac's 2010/11 results, published last November: "The three year merger has resulted in synergy benefits of around A$413 million - 13 per cent higher than planned."However, the group return on tangible equity has decreased post merger, from 30 per cent to 23 per cent."It is not clear whether the St George merger met expectations and if the resulting return on equity is acceptable. The rebranding of Victorian St George branches [as Bank of Melbourne] and the performance in New South Wales would suggest that there have been performance issues following the merger."On Friday Westpac announced that Frazis would move from his position as head of Westpac's New Zealand operation to take over at St George. He is the third St George chef executive in as many years.St George doesn't look like a basket case; it just hasn't been doing all that well. It reported net operating income of A$3.4 billion for the year to September - up 6.2 per cent on the previous year. Operating expenses rose eight per cent from $1.2 to $1.3 billion.The bank's impairment charge fell from $511 million in 2009/10 to $389 million in 2010/11Deposits were up eight per cent, which was a little below the rate of deposit growth in Westpac's main division, Retail and Business Banking. A serious concern is that St George's mortgage book rose just two per cent during the year to September, compared with eight per cent growth for Westpac RBB.Business lending, which had been an area of strength of St George before the Westpac takeover, fell three per cent.St George's cost to income ratio last year was 39 per cent - up from 38.3 per cent the previous year. This is much tighter than Westpac RBB, which reported a cost to income ratio of 48.3 per cent last year.St George's net interest margin rose from 1.91 per cent in 2010 to 2.06 per cent last year, while Westpac RBB's margin fell from 2.14 per cent to 2.07 per cent.The business was repositioned in 2010, with a reduction in commercial property exposures and a reduced reliance on loans originated y third parties.Bank of Melbourne launch helped increase customer numbers by 24,547 in the year to September. According to Westpac's December quarter update, published last moth, new customer numbers at Bank of Melbourne are growing at twice the rate of bank overall.