Who comes first, the customer or the shareholder?

We all knew it was coming.

The buy-out of St George bank has been imminent since it acquired its banking license and listed on the ASX back in 1992. That's a long time coming by anyone's measure, and certainly Westpac is far from the first suitor. NAB and the ANZ have sauntered past previously but the timing wasn't right, and let's face it, what's really going to make this deal work is golden girl Gail Kelly.

But that's precisely what has me worried. With Kelly in the wings, this deal is not only likely to work, it's likely to be smoother than the vast majority of banking takeovers, not only because she brought into Westpac an intimate understanding of her former employer, but also because she's just so damn good at making one plus one add up to three.