Bank Jobs In Danger

WESTPAC Banking Group's proposed $18.6 billion takeover of St George Bank could reduce services in the Hunter and put regional jobs at risk, the Finance Sector Union has warned.

A union executive said yesterday 10 St George Bank branches were at risk, including outlets at Newcastle, Charlestown, Cessnock, Nelson Bay and Maitland.

Westpac hopes to merge with St George, creating Australia's largest bank.

Finance Sector Union National secretary Geoff Derrick, who was in Newcastle yesterday, said the takeover would come at a significant cost to bank customers and workers in the sector.

"Westpac's claim that there will not be any loss in the number of local branches is not convincing," Mr Derrick said.

"Nobody can expect to believe that in Newcastle, where both banks have local branches, that both will still be standing after this takeover."

Mr Derrick said there was an overlap of the banks' branches in at least 10 Hunter locations.

"Our members know from bitter experience that takeovers mean branch closures and job losses," he said.

A Westpac spokeswoman said the bank had made a commitment there would be no net reduction in branches.

"We realise how important the branch network is to customers, our experience in previous mergers has proven that closing branches is a mistake.

"Where there is a Westpac and St George branch, even if they are in the same street, both will remain open," the spokeswoman said.

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