Treasurer, Wayne Swan, must reject Westpac’s takeover of St George bank outright as thousands of workers have no trust in the bank’s motives, warns the Finance Sector Union (FSU).

Rod Masson, FSU National Policy Director, said Westpac’s merger proposal was full of hollow words and is seeking assurances from the Treasurer that his first act after today’s budget is to bring an end to these talks.

“Banks will do anything and say anything to get a merger through. It’s a bit like election promises, they are made to be broken,” said Rod Masson.

Evidence from mergers in the 90s is proof positive that any takeover will lead to branch closures and large-scale job losses.

“This merger can only lead to a carve up of the business, a close down of the branches and a hollowing out of services.

The modern day carve up will include offshoring of jobs and customer’s sensitive personal data.

It defies belief that Westpac and St George branches will operate side by side in cities or country towns.

A joint ownership of the two banks cannot seriously offer real competition between the two brands,” said Rod Masson.

An update to the market is expected this morning, after share trading was suspended when merger talks unexpectedly opened on Monday.

ENDS

Spokesperson: Rod Masson, National Policy Director 0408 374 677

Media: Tim Fitzsimmons 0423 375 522

Have your say on the merger! Go to the FSU's online forum on the takeover.