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CBA BankWest acquisition passes final regulatory hurdle

Staff Reporter 1 minute read

Federal treasurer Wayne Swan has given final approval to CBA’s acquisition of BankWest and HBOS wealth management business St Andrews.

Federal treasurer Wayne Swan has given final approval to CBA’s acquisition of BankWest and HBOS wealth management business St Andrews.

Mr Swan said the proposed acquisition of BankWest removed uncertainty over the future of the bank and would help instill more confidence in the Australian financial system.

“The merged entity will have a larger balance sheet and stronger capital position, as well as broader access to funding markets leaving it better placed to withstand further challenges from the global financial crisis,” he said.

Ralph Norris, chief executive officer of CBA, said he was delighted to receive the approval.

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“Acquisition allows the Commonwealth Bank to further develop its business in the fast growing Western Australian market and deliver additional growth opportunities in key market segments.”

CBA said the combined group will service close to 11 million Australians.

 

CBA BankWest acquisition passes final regulatory hurdle
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