Bank workers are calling on St George shareholders to vote against the Westpac takeover in a nationwide advertising campaign starting today amid fears the takeover will reduce competition for customers and lead to up to 5000 job losses.
 
Rod Masson, Acting National Secretary, Finance Sector Union, said the shareholders meeting on November 13 will be the first test of shareholders confidence in the planned takeover since the global credit crisis rocked Australia.
 
“This merger is by no means a done deal. Hundreds of St George shareholders across the country have listened to the calls from consumer groups and workers to reject plans for the takeover of St George Bank by Westpac,” said Rod Masson.
 
More than 600 shareholders have supported the FSU position, allowing the union to put a resolution at the Extraordinary General Meeting opposing the takeover.
 
The nationwide advertising campaign is urging shareholders to attend the meeting to vote in person, or to give the union their proxies.
 
“The proposed merger threatens thousands of jobs, reduces competition and will seriously erode consumer choice at this time of unprecedented upheaval in the market,” FSU Acting National Secretary, Rod Masson said.
 
Research has repeatedly shown that the public and finance sector workers are opposed to the takeover, with 76 per cent of people surveyed earlier this year expecting branch closures and 77 per cent believing job losses will take place should the merger go ahead.

“The EGM gives shareholders the opportunity to have their voices heard by Westpac and the Government.”
 
“Now more than ever we need to retain some diversity in the banking and finance sector, so that we don’t emerge from this crisis with less banks, less choice for consumers and less jobs for bank workers.”

“We are currently seeing an opportunistic bargain basement scramble that will alter the finance sector irrevocably. We want to see the Government put in place a moratorium on the current flurry of bank mergers. Once banks have been swallowed up, competition is lost forever,” Mr Masson said.

ENDS
 
Spokesperson: Rod Masson, FSU Acting National Secretary 0408 374 677
Media: Keiller MacDuff 0432 828 006

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