St George Bank shareholders have officially approved the $16 billion Westpac Bank merger proposal, following an extraordinary general meeting in Sydney today.
Just over 282 million votes were cast in favour of the merger, representing 94.55 per cent of the votes.
The all-scrip transaction, which gives St George shareholders 1.31 of Westpac stock for each St George share they own, was first proposed officially by Westpac in May.
At the meeting, St George chairman John Curtis said there had been no discussion with Westpac about divesting Asgard, or elements of the Asgard business, before the vote.
Curtis declined to comment when asked if Westpac and St George financial planners would be provided with staying-on bonuses, once the groups merged.
Media reports suggesting the combined group may make up to 2000 job cuts were speculative, and there was no definitive number yet, he said.
"[We have] made a commitment, as much as possible, to minimise job loss through natural attrition and redeployment," Curtis said.
St George chief executive Paul Fegan said a market announcement would eventually be made regarding his own future.
Westpac chief executive Gail Kelly had told InvestorDaily previously that brands including Westpac Financial Planning, St George Financial Planning, BT, Asgard and Securitor will be maintained long-term.
