We'll all pay more to borrow: Kelly defends rate rise
Dec 07, 2009 (The Sydney Morning Herald - ABIX via COMTEX) -- By Eric Johnston
Westpac Banking has updated its stockholders and announced a reshuffling of its executive ranks. Peter Hanlon, who had been heading the retail division, will now be in charge of the integration of St George Bank, with his position going to BT Financial Group leader Rob Coombe. Meanwhile CEO Gail Kelly has rejected criticism of Westpac's decision to raise home mortgage loan interest rates by much more than the official increase. She noted business borrowers should not be made to pay more so that the bank could keep rates artificially low in the more politically sensitive mortgages segment.
Publication Date: 8 December 2009
WESTPAC BANKING CORPORATION - ASX WBC BT INVESTMENT MANAGEMENT LIMITED - ASX BTT BT FINANCIAL GROUP PTY LTD ST GEORGE BANK LIMITED RESERVE BANK OF AUSTRALIA AUSTRALIA. DEPT OF THE TREASURY AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED - ASX ANZ NATIONAL AUSTRALIA BANK LIMITED - ASX NAB COMMONWEALTH BANK OF AUSTRALIA - ASX CBA
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