AAP
Westpac Banking Corporation has received federal treasurer Wayne Swan's approval to form a single authorised deposit-taking institution (ADI) with subsidiary St George Bank.
Westpac became Australia's second biggest bank by formerly acquiring St George on December 1, 2008 for $15 billion.
Regulators gave approval for the acquisition on the condition that Westpac moved to a single ADI.
By moving to a single ADI, Westpac will assume all the assets and liabilities of St George, and all regulatory and prudential reporting by the two will be merged into Westpac's reports.
The transition still requires approval by the Australian Prudential Regulation Authority and the Federal Court to deregister St George as a corporate entity, Westpac said in a statement on Friday.
Assuming these approvals are received, Westpac and St George will become a single ADI on March 1, 2010.
