Borrowers should feel a level of familiarity with St George since is a part of Westpac. This also has its disadvantages as it also has a typical culture of a big four major bank. As with the other major four banks, Australians have a love/hate relationship with Westpac. There is a disdain for the major banks but Australia cannot live without them. Australian financial regulation protects the four major banks from takeover making them highly profitable and uncompetitive (akin to a utility company). Although they are strongly incentivsed by profit, they also operate on a social license which means they cannot ignore the demands of the government. Hence, although we reluctantly put up with their poor service levels, if there is a financial institution that is going to help Australian's out of a tough financial position, it will be one of the four major banks.
Facts and lender background
The St. George Co-operative Building Society Ltd. was formed on 6 May 1937 in the Sydney suburb of Hurstville. Since a 2008 merger, the bank has been part of Westpac.
Westpac has total assets of about $900bn.
Westpac is rated AA- by S&P. The Australian Government's guarantee on deposits under the Financial Claims Scheme applies to deposits held with Westpac.
St George is a part of Westpac. Westpac is publicly listed on the ASX
30% of Westpac's funding is from the wholesale capital market.
Product Review Rating
average is 2.1 / 5
You are able to transact at more than 3,200 Australia Post outlets that display the Bank@Post sign. This provides you with real-time deposits and the ability to draw cash.
Internet banking is available.
Customers can withdraw cash free of charge from any of the major banks ATMs.