May 13th, 2008 at 12:53pm
As a long-time loyal customer of St. George Bank I am rather disappointed that they have agreed to merge with Westpac Bank. Whilst it’s nice to know that St. George shares are being deemed to be worth 1.31 Westpac shares each, forever proving that St. George is a more wonderful institution, the fact of the matter is that I loathe Westpac, and the thought of St. George becoming a wholly owned subsidiary of Westpac or even worse being melded in to the very essence of the Westpac existence is a horrifying thought.
It has always been comforting to know that a nice big happy green dragon that I met at the Canberra Show, and with whom I shared a meal of fairy bread, has been looking after my banking needs with a friendly green smile.
I also have to agree with the concerns of the unions about bank branches closing. Westpac and St. George are adamant that branches will not close, but with the Civic St. George and Westpac branches about two doors away from each other, I find that very hard to believe, even if the two brands operate somewhat independently.
My personal feelings aside, I can’t see any logical reason for the regulatory bodies to block the merger, so I suppose I will just have to enjoy the nice warm glow of Happy Dragon while it lasts:
And get ready to run before my accounts are devoured by the not-so-friendly W.
With all that said, I’m sure that with all of those valuable shares, Happy Dragon will enjoy a nice retirement, and a never-ending supply of fairy bread. It’s just a pity that I probably won’t be coming along for the ride.