St.George Bank today announced a simplified broker commission structure, effective from 1 October 2009.

The new simplified structure aims to provide brokers with less variability and increased certainty of income. The changes also mean that brokers will support St.George’s strategy to further lower arrears levels and increase customer retention.

Key points within the new structure include:
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The global financial crisis is driving a wedge through families, with many parents no longer willing or able to provide for their adult children, a study shows.

St George Bank research shows Generation Y expects parents to help pay for weddings, house deposits and education fees, but concerns over retirement and debt have taken priority for most mums and dads.

A study of 1,000 Australians commissioned by St George showed 70 per cent of baby boomers believe the global financial crisis has seen their assets shrink in value, and 71 per cent are now concerned about their financial health.

As a result, just six per cent of parents rate providing financial assistance to their adult offspring as a top priority.
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St George Bank has cut its standard variable home loan interest rates by 10 basis points.

The bank, which is owned by Westpac, said its standard rate will fall to 5.79 per cent from April 17.

St George will also cut its business and commercial lending rates by 25 basis points.

The mortgage rate reduction equates to a saving of approximately $16 per month in repayments on an average size loan of $250,000 over a 30-year loan term.
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St George Bank says it will do all it can to help customer affected by the bushfires in Victoria.

“At times like these the community really comes together to support each other,” St George general manager of Victoria Peter Lock said in a statement.

“We are committed to helping those in the region to ensure they can focus on recovering from this devastating natural disaster.”
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St George Bank has followed Australia’s major lenders in dropping the interest rate on its standard variable home loan by 100 basis points to 5.89 per cent.

St George, a subsidiary of Westpac Banking Corporation, said it would pass on the Reserve Bank of Australia’s 100 basis point interest rate cut in full from February 13 for new and existing customers.

St George’s retail banking boss, Andrew Moore, said the bank hoped the interest rate cut would encourage more first home or prospective buyers back into the housing market.
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Bank of Queensland Ltd (BoQ) will investigate growth opportunities, including takeovers and mergers, as the regional lender aims to take the places vacated in the market by St George and BankWest.

The bank on Thursday launched a formal review process, Project Pathways, to investigate ways to keep growing the business.

The bank also announced it would sell shares to existing shareholders at a discount, to raise as much as $100 million to strengthen its capital position and fund expansion.
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St George Bank has cut its standard variable home loan interest rate by 85 basis points to 6.89 per cent.

But the reduction was less than the 100 basis points the central bank lopped of official rates yesterday.

“Due to the ongoing impacts of the global financial crisis, financial institutions continue to face higher costs in both the short and long term wholesale funding markets,” St George general manager of retail bank distribution Andrew Moore said.
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St George Bank Ltd chief executive Paul Fegan has resigned, after the bank’s merger with Westpac Banking Group was approved by shareholders last week.

Mr Fegan, who was expected to resign, will leave with a termination payout of about $2 million.

He will also receive payment for any amounts in respect of accrued salary, leave and other entitlements.
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The merger of Westpac and St George banks has cleared its final hurdle, with shareholders in St George voting in favour of the deal.

The board of St George - Australia’s fifth largest bank - had recommended the merger.

Shareholders voted at an extraordinary general meeting in Sydney today.
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St George Bank Ltd chairman John Curtis says the proposal by Westpac Banking Corp to take over Australia’s fifth largest Bank under a scrip deal is very compelling, despite the prospect of job losses.

St George shareholders will vote on the plan at an extraordinary general meeting being held in Sydney today.

The offer has already been recommended by St George directors.
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St George Bank Ltd has cut its standard variable mortgage interest rate but says it cannot pass on the full rate reduction made by the central bank this week.

St George, which is set to be taken over by Westpac Banking Corp, today said it would lower the rate by 62 basis points to 7.74 per cent, from November 14.

The move follows the decision by the Reserve Bank of Australia (RBA) on Tuesday to lower the official cash rate by 75 basis points to 5.25 per cent.
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St George Bank Ltd has increased its annual profit and says the outlook for the economy remains uncertain.

In its last earnings report before being taken over by Westpac Banking Corp, St George said net profit for fiscal 2008 rose 0.9 per cent to $1.17 billion, from $1.16 billion the year before.

But cash profit, which is its preferred performance measured, jumped 13.9 per cent to $1.32 billion from $1.16 billion in fiscal 2007.
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Westpac Banking Corp and St George Bank Ltd have welcomed federal Treasurer Wayne Swan’s approval for their merger.

Westpac Chairman Ted Evans said the pairing “will create an even stronger bank which is important in these times of global economic uncertainty”.

“The core of our strategy for the combined organisation has always been to retain the distinctive brands and distribution networks of St George and Westpac,” Mr Evans said.
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St George Bank Ltd has cut its standard variable home loan interest rate by 21 basis points.

Australia’s fifth largest bank said the rate will fall to 8.36 per cent from October 31.

The cut follows an 80 basis point reduction in its standard rate less than two weeks ago, which came after the central bank lowered the cash rate by 100 basis points.
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St George shareholders will be urged to vote against Westpac’s $17 billion takeover bid in a national advertising campaign launched by the bank workers’ union.

The Finance Sector Union (FSU) is asking St George shareholders to vote down the acquisition, saying it will reduce competition and lead to 5,000 job losses.

Shareholders will vote on the merger on November 13.

The FSU will begin a national print campaign today, and could add radio advertisements closer to the shareholder vote.
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