After an extraordinary bidding contest, St George Bank got its hands on one of the richest prizes for any funds-management organisation. But has it bought more trouble than it expected?
St George Bank is a newcomer to Perth. It arrived about six years ago but still has just one branch, located on the ground floor of the Central Park office block. Late last year it made a lot of people on the 38th floor of that building very happy when it agreed to pay $272 million for Sealcorp Holdings, manager of the $4-billion Asgard Master Trust. The question all St George Bank shareholders should now be asking is: did their company pay too much?
