Westpac and St George bank workers will continue to campaign against the St George takeover, despite the Treasurer’s decision late today to approve the controversial bank merger.
 
Rod Masson, Acting National Secretary said the Union will continue to gather support among St George Shareholders, who will have the final say on rejecting the takeover at a special shareholders meeting on 13 November.
 
“We are not convinced that this decision is in the best interest of bank customers or workers. The battle to maintain an independent and successful St George bank is not over. We will be taking this debate to the floor of the shareholders meeting,” said Rod Masson.
 
McNair Ingenuity Research conducted on behalf of the Finance Sector Union found that three quarters of people believe that banks are already too powerful and shouldn’t be allowed to get any bigger.

“The Australian public fear the rise of super banks. Bank workers and customers are telling us that the takeover will cost jobs and erode competition. The Treasurer’s conditions placed on the merger today have not alleviated any of those fears,” said Mr Masson.
 
For the first time in a corporate takeover of this nature, Mr Swan imposed a condition on the bank to consult with the Finance Sector Union about worker concerns.
 
“While we welcome the conditions that the bank consults with the union, workers are not convinced that the takeover is in the broader interests of the customers or the workforce.
 
No jobs have been saved or employment conditions guaranteed as part of the conditions set down by Mr Swan.
 
Westpac needs to know that bank workers fear mass job losses and changes to their working conditions, a concern which becomes deeper with the current economic crisis,” said Mr Masson.

ENDS

Spokesperson: Rod Masson 0408 374 677
Media enquiries: Gemma Swart 0414 873 291