Bank workers are calling on St George shareholders to protect the bank they have built by turning down the Westpac takeover deal. St George today announced a record cash profit of $1.3 billion, up 13.9%, against the trend of its rivals.

Rod Masson, Finance Sector Union Acting National Secretary said shareholders will meet in two weeks for the final say on the proposed takeover.

“Today’s profit shows the strength of St George bank. A strong bank should remain an independent bank. We need more banks like St George in our financial system, not less.

Bank workers would normally welcome a record profit announcement, but this year thousands of workers face an uncertain future with estimates of up to 5000 jobs being at risk if the takeover goes ahead.

“Despite bank workers contribution to this terrific result, we fear their reward will be job losses should the takeover with Westpac go ahead.

Consolidating Australia’s banking sector into four high street banks will constrict the market, threatening jobs, and restricting customer choice,” said Mr Masson.

“The St George result is outstanding in the context of the current financial turmoil. It demonstrates the strength and resilience of the bank and it shows it has the capacity to continue to prosper for shareholders, employees and customers as a stand alone entity well into the future.”

The Union has secured hundreds of proxies from St George Shareholders to be voted against the takeover at the bank’s Extraordinary General Meeting on 13 November.

“We encourage St George shareholders to attend the EGM or send us their proxy and vote against the takeover by Westpac so they can maintain an independent bank and a successful investment in St George,” said Mr Masson.

ENDS

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