Westpac Banking Corporation Ltd
(ASX:WBC) has today begun operating as a single authorised deposit-taking institution (ADI).
The company became Australia’s second biggest bank by formerly acquiring St George Bank Ltd for $15 billion on December 1, 2008 – a move that was approved by regulators on the condition that Westpac moved to a single ADI.
In a statement to the ASX today, Westpac says it will now assume all the assets and liabilities of St George and all reporting by the two will be merged into Westpac’s reports.
In conjunction, the legal entity St George Bank Ltd, has been deregistered.
The move has been finalised by the Australian Prudential Regulation Authority and the Federal Court.
Westpac posted a profit of $3.446 billion for the 12 months to September 30, 2009.
