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Best Bank: Westpac |
Westpac has generally been viewed as the most conservative of Australia’s big four banks, and that’s never been a more welcome accolade than over the past 12 months. It hasn’t come through the market upheaval unscathed but its modest decline in profit is dreamland compared with what has happened to many US and European banks. Westpac today has the highest tier 1 capital ratio in Australia, the best asset quality and the cleanest balance sheet.
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| Gail Kelly: keeping the St George brand within Westpac |
The jury is necessarily still out on how the merger with St George pans out but there is no significant customer leakage yet.