Aussie Government approves Westpac-St George merger, but tells bank to give staff a fair dinkum deal

The Australian Federal Treasurer Wayne Swan last week approved the merger of St George Bank with Westpac, but has imposed a strict set of conditions on the deal to ensure the bank’s staff are treated fairly.

The Australian Government’s requirements for the merged entity include:

  • Maximize internal redeployment opportunities
  • Support external job placement where redundancies occur
  • Consult with the Finance Sector Union
  • Provide specialist resources to staff affected by the merger.

There are a variety of other measures including retaining the same number of branches and ATMs including outside urban areas, and retaining all banking brands.

Our sister union the FSU continues to oppose the merger, and are gathering support among St George shareholders, who will have the final say on the takeover at a special shareholders meeting on 13 November.

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