Vic: Fed Govt should stop bank merger says finance union

AAP General News (Australia)
04-14-2000
Vic: Fed Govt should stop bank merger says finance union

The Finance Sector Union warns that the takeover of insurance and banking group Colonial
by the Commonwealth Bank would cause branch closures and job losses.

The union has renewed its call for the federal government to stop the merger following
the release of documents which revealed plans to slash 250 branches and up to 2,750 jobs.

The banks' scheme of arrangement also pointed to Colonial chief executive officer PETER
SMEDLEY receiving $23 million if the merger went ahead.

FSU national secretary TONY BECK says the revelations are a stark reminder of who the
winners and losers are when banks are allowed to merge.

The union has begun a national Save Our Services campaign with a refitted ambulance
touring Australia raising community awareness about bank branch closures and job cuts.

AAP RTV hmg/mh/dmc/jn

KEYWORD: BANKS (MELBOURNE)

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