Aussie union to fight Westpac St George takeover

Finsec’s sister union, the Finance Sector Union of Australia is fighting a plan announced this week for Westpac’s to takeover St George, Australia’s fifth largest bank.

The FSU say the merger could lead to thousands of job losses. The FSU said that the merger would be bad for customers too as the combined bank would have a 25% market share for home loan products alone. The loss of competition from this merger would ultimately lead to loss of choice and higher prices.

In order to go ahead, the merger would need a variety of approvals – regulatory, government, legal and shareholder. The FSU is planning to lobby Government to oppose it and will also lobby other agencies involved in the decision, and will work with consumer advocates opposed to the deal.

Finsec will be talking to the bank about how Westpac New Zealand staff will be impacted by the merger. At this stage it does not appear that there will be any direct impact on Westpac New Zealand staff.

Finsec members can support the FSU campaign to fight for the best outcome for staff on both sides of the Tasman. For more information on the FSU campaign go to: National Of 27 355, Wellington, New


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