Powered by MOMENTUM MEDIA
Powered by MOMENTUM MEDIA
SUBSCRIBE TO OUR NEWSLETTER SIGN UP
Powered by MOMENTUM MEDIA

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

CBA's BankWest acquisition approved by ACCC

Staff Reporter 1 minute read

Competition watchdog  the ACCC has given the go ahead to the Commonwealth Bank’s $2.1 billion acquisition of BankWest but emphasised that this should not be seen as a “green light” for other regional bank acquisitions by the big four.

In a statement released yesterday ACCC chairman Graeme Samuel said CBA’s acquisition of BankWest was unlikely to substantially lessen competition under Section 50 of the Trade Practices Act 1974.

This conclusion was drawn from evidence that BankWest would have been unlikely to continue as the “aggressive competitor” it previously was and that no other buyer would be in the position to continue with BankWest’s expansion plans.

“In the absence of the global financial crisis and the funding difficulties faced by BankWest’s overseas parent company, the ACCC’s conclusion may well have been different,” Mr Samuel said.

The acquisition now remains subject to final approval by the federal treasurer.

Advertisement
Advertisement

CBA's BankWest acquisition approved by ACCC
default
TheAdviser logo
default
more from the adviser
houseandmoneyrates ‘Don’t rush in’: Risks of new housing scheme flagged

Broker support is critical for borrowers looking to capitalise on...

speed boat ta AFG welcomes specialist lender to its panel

The aggregator has welcomed specialty asset finance lender Austra...

business handshake 2 Finsure expands third-party team, appoints new BDMs

The mortgage aggregator has announced the appointment of new busi...

FROM THE WEB