Treasurer approves St.George purchase by Westpac

The Treasurer's announcement of his approval of the proposed acquisition of St George Bank Limited by the Westpac Banking Corporation under the Financial Sector (Shareholdings) Act 1998 and the specific conditions shows the extent of the Treasurer's powers relating to financial institution control.

The Act imposes a 15% shareholding limit on financial sector companies.The Treasurer may approve a higher percentage limit on national interest grounds.