ACCC seeks banking customers views on Westpac's proposed acquisition of St George

The Australian Competition and Consumer Commission today began market inquiries on the proposed acquisition of St George Bank Limited by Westpac Banking Corporation, ACCC Chairman, Mr Graeme Samuel, said.

The ACCC would like to obtain a broad range of views from competitors, banking customers and interested parties on this proposed acquisition.

In order to make it easy for banking customers to provide their views, the ACCC has issued two surveys, one for personal banking customers and one for business banking customers. In addition to seeking information about their banking habits, the surveys provide an opportunity for banking customers to express their views on the proposed acquisition.

Mr Samuel has encouraged all banking customers, especially Westpac and St George customers, to take the time to fill out the survey. The survey should take around five minutes to complete and the responses will be used to inform the ACCC of particular markets or issues that may require further investigation.

Banking customers wishing to complete the survey should visit the ACCC mergers public register website (www.accc.gov.au/mergersregister) and click on the link titled: Westpac Banking Corporation - proposed acquisition of St George Bank Limited.

Survey responses should be submitted to the ACCC by 23 June 2008. The ACCC will assess the proposed acquisition in accordance with its Merger Review Process Guidelines and section 50 of the Trade Practices Act 1974.

Background

Section 50 of the Trade Practices Act 1974 prohibits acquisitions which would have the effect, or be likely to have the effect, of substantially lessening competition in a substantial Australian market.