Aussie Banks Feel Pressure, So Westpac Bids for Rival

SYDNEY, Australia -- Australian lender Westpac Banking Corp. said Monday it approached St. George Bank Ltd. with a takeover offer that values its rival at more than 15 billion Australian dollars ($14.15 billion).

Such a deal would mark the biggest shake-up of the Australian banking sector in years.

There has been speculation for years about a tie-up between the two Sydney-based banks. Westpac said there is a compelling ...