Two years after spending $12 billion buying St George Bank, the chief executive of Westpac Banking Corp, Gail Kelly, is finally moving to maximise the financial benefits of the merger by attacking the subsidiary’s $1 billion a year in expenses.
Two years after spending $12 billion buying St George Bank, the chief executive of Westpac Banking Corp , Gail Kelly , is finally moving to maximise the financial benefits of the merger by attacking the subsidiary’s $1 billion a year in expenses.
The move to crank up the returns from St George by achieving greater efficiencies could not have come at a better time. Westpac’s shares have been belted ever since it revealed a decline in its net interest margin from 2.39 per cent in September 2009 to 2.28 per cent in March 2010.
Loading...
Tony Boyd is the former Chanticleer columnist. He has more than 35 years' experience as a finance journalist. Connect with Tony on Twitter. Email Tony at tony.boyd@afr.com
