Wait, what? So ING Australia is now part of ANZ?
BankWest was taken over by the Commonwealth Bank.
St George Bank and Bank of Melbourne have been taken over by Westpac.
I’m sure this consolidation and removal of competition won’t hurt Australian consumers in any way, though.
PS Somebody generously gave me a small packet of St George Bank shares once, that are now Westpac shares. Which means they sent me an annual report and voting details for the AGM today. Which I’m filling in by voting against everything the Board supports. Offensively self-interested remuneration? Endorsement of what we’ve done over the last year? Our continued parasitical existence? NO. NO. NO.
I know that individual shareholders have no real power – it’s the institutional investors who control what happens, and they’re run by other self-interested executives who benefit from an inflated executive remuneration market – but I can at least register my disgust. And it was very satisfying.