Westpac has said it would maintain the St George presence in the suburb of its birth but Mr Curtis was unable to give details when asked by shareholders at the extraordinary general meeting on November 13.

``I can't clarify what the corporate presence will be at Kogarah,'' he said.

``At this stage I can't add anything further to the commitment.

``This merger is about retaining the growth of the St George brand.''

Mr Curtis said that Australian Competition and Consumer Commission chairman Graeme Samuel said the St George share price was likely to fall substantially if the merger was not approved.

``Staying independent is likely to prove less valuable for shareholders in the long run,'' he said and pointed out that the merger would leave shareholders owning 30per cent of the new bank and that there were no transaction bonuses in place for St George directors.

He said the board took on a considerable workload in the lead-up to the merger, with 25 meetings rather than the normal eight in six months.

``We brought forward the bonus from October to May of $80,000 to be divided amongst nine directors,'' he said.

St George Bank directors Peter Hawkins and Graham Reaney would also sit on the board of the new merged bank but StGeorge's chief executive will leave with a $1.7million payout.