St George Bank
Stock Code
Stock Exchange
St. George Bank Limited (SGB) is an Australian-based company engaged in the provision of banking and financial services particularly retail banking, capital markets, commercial banking and group treasury as well as funds management. SGB was listed on the 2nd of July 1992 on the Australian Stock Exchange (ASX). Its average annual revenue reaches approximately $6 billion out of its issued capital of $3 billion. Its headquarters is located in New South Wales, Australia and to date; around 8,500 people are employed in the company. St.
Westpac Banking Corporation (WBC), a multinational financial service company, is expected to save $400 million by 2011 as a result of acquiring St George Bank (SGB). The bank estimated that it would gain $365 million in the next three years due to 20-25% of cost reduction and this figure has been upgraded because of the takeover. It is also expected that, about 2000 staffs will be sacked in this merge.
Here is an update on the Australian Wealth Management (AUW) provided by Australian market analyst UBS.
Australian Wealth Management (AUW) Markets impact Q108 FUM, Q2 looking flat
Retail FUM down 9% in the quarter:
The Australian Banks underperformed the market by 0.7%.The Macquarie Research Equities (MRE) highlights about the Australian Banking Sector Impacts.
Which Banks to Support?
The Australian Banks underperformed the market by 0.7% last week, yet still trade well below their November 2007 highs. Macquarie Research Equities (MRE) highlight their sector picks as WBC and CBA given stronger balance sheets, low risk loan portfolio’s and lower exposure to offshore earnings. MRE assess the week in passing and reaffirm their sector guidance…
Australian Banking Sector reporting season preview from Australian market analyst UBS.
Start scooping up banks. Mild overweight.
Recent price falls provide a buying opportunity:
The Aussie banks have seen a sharp pull back in recent weeks following their global peers. We believe that this has been driven by: (1) concerns for the health of the US investment banks into their reporting season; and (2) overhang from the current global bank rights issues. As a result the Australian banks have now underperformed the All Resources by 46% over the last year.
MRE aggressively downgraded Australian banking sector earnings in April this year following the March half-year reporting season.
Which Bank?
Here is an Australian banking sector update from Australian market analyst UBS.
Labor Govt keeps the Four Pillars Policy
Rudd Government is committed to the four pillars policy:
Here are the Macquarie Research Equities (MRE) highlights on some of the recent impacts experienced by the Australian Banking Sector.
Bank Opportunities
The Australian Banks outperformed the market by 3.3% last week, yet are still trading significantly below their November 2007 highs. Headlining recent developments in this area has been the proposed merger between WBC and SGB. Macquarie Research Equities (MRE) review the week in question and reaffirm their guidance for the sector. Click through to find out more…
Banking Sector Impacts
Here is an update on the Australian banking sector provided by Australian market analyst UBS.
Results and M&A - an eventful month
Reporting season surprised on the upside:
St George Bank (SGB) has a price target of $34.00 from sharemarket analyst Macquarie Research Equities.
St George Bank (SGB) What could the other banks pay?
WBC looks well positioned with SGB Board support:
Given the SGB Board's support for its 1.31 for 1 bid (subject to no superior proposals being made), WBC appears to be well positioned. As a result, we believe a counter-bid would need to be at least 5-10% higher than WBC's proposal in order to win the SGB Board's support. This leads to two key questions.
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