The Australian Competition and Consumer Commission will examine the proposed merger between regional banks Metway and St George, ACCC Chairman, Professor Allan Fels, said today.
"The merger will be considered on the basis of the previously announced guidelines, examining each case on individually on its merits in the circumstances prevailing at the time of the acquisition.
"The Commission's main concern has been with respect to major trading banks acquiring regional banks, rather than mergers or acquisitions of between regional banks. It will view the St George/Metway matter in this context. "
"The merger will be considered on the basis of the previously announced guidelines, examining each case on individually on its merits in the circumstances prevailing at the time of the acquisition.
"The Commission's main concern has been with respect to major trading banks acquiring regional banks, rather than mergers or acquisitions of between regional banks. It will view the St George/Metway matter in this context. "