Swan clears St George takeover

Westpac yesterday received the formal approval of Wayne Swan, Australia's Treasurer, for its planned takeover of St George Bank.

The approval comes with some limp conditions that conform to Westpac's stated plans for the bank, including maintaining branch and ATM numbers, retaining the brands of St George and Bank of South Australia, "dedicated management teams" for St George and Westpac retail banking distribution and a "corporate presence" at the former head office of St George in Kogarah.

Westpac appears to still be three or four weeks away from letting the management teams of the two banks know which job they will hold, if any, in the merged organisation.

Shareholders of St George will vote on the scheme of arrangement for the takeover in three weeks.