BankWest & St George customers unhappy
Almost one quarter of all BankWest customers and St George customers report that they are less satisfied with their bank since it has been taken over. Last year, BankWest was bought by Commonwealth Bank while St George shareholders voted to accept a takeover from Westpac. One in six (16.7 per cent) BankWest customers and 7.4 per cent of St George customers plan to leave the bank as a result of the merger/takeover according to a survey by CoreData. The Retail Banking Review/CoreData poll found 57.1 per cent of those surveyed were concerned the merges/takeovers would result in less competitive interest rates, and 56.9 per cent felt it was likely the mergers/takeovers would result in increased fees.
Source: Retail Banking Review