St George surrender inevitable

"It was inevitable that St George one day would be taken over by one of the large banks," John Curtis, the chair of St George's board of directors, told a special meeting of shareholders yesterday.

Shareholders in St George yesterday voted to endorse the scheme of arrangement for Westpac's takeover of its rival. The takeover, first announced in May, is likely to be finalised in early December.

The executive line up for the expanded bank is likely to be announced late next week.