Merger

National Bank of Australia is planning to offer a counter bids on St. George. The Chief Executive of NAB commented that his bank is looking at options to run numbers on St George bank takeover. "We look at all opportunities and in due course we will look at this transaction, but just now we're literally on the sidelines watching with interest what is happening," said Mr. Stewart at the National Press Club lunch in Canberra.

Merger of two big financial institutions of Australia – Westpac Banking Corporation and St George is likely to be announced today. Westpac revealed yesterday that it is in talks with St George for a possible merger between the two.