A decision on the proposed merger of Westpac and St George should not be seen as a guide for other bank mergers, Graeme Samuel, chairman of the Australian Competition and Consumer Commission said yesterday.
Speaking at the National Press Club (and as reported by
AAP) Samuel said: "Whatever the outcome of that particular merger determination, any future mergers that might occur in the banking industry will be subject to their own analysis or examination.".
"So whether we give a green light to Westpac-St George or a red light to Westpac-St George, that shouldn't, on its own, be seen as indicative of a decision we might take in any other merger.
"It may well be reasons for that particular merger being dealt with in a specific way that may not apply to another merger that occurs in the industry."
The ACCC expects to make a decision by the end of July on the plan by Westpac to buy its regional rival.