The demise of the scheme, which offered Westpac retail shareholders discounted products and services, had been operating since 1998.

The package was suspended in November last year, as the bank sought shareholder feedback about the scheme after noticing that administrations costs were rising and the take-up of discounts was low.

"We received much feedback from shareholders, and while there was some support for the package, many of the benefits were seen as of little relevance to their needs and of little value,'' Westpac said.

"The package has been costly and difficult to administer, a factor that has been impacted by the expansion of the Westpac group's suite of brands and products. ''

The group operates multiple financial services brands including Westpac, St George, BankSA, RAMS and BT Financial Group.

"With only a small proportion of shareholders benefiting and an increasing cost to administer, we have decided to end the package,'' it said.

But Westpac said it will continue to make special offers to shareholders.

"We trust that shareholders appreciate the need to make these changes, which we believe are in the best interests of all shareholders,'' it added.

(From http://www.news.com.au)