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 calls for purchase price review as Bankwest reports $139m loss

Staff Reporter 1 minute read

CBA wants the price it paid for Bankwest reviewed after the second tier lender reported a multi-million dollar loss and significant rise in expenses to cover bad debt.

CBA paid $2.1 billion for Bankwest back in December last year but has activated a clause in the sale agreement by which it may have the price independently reassessed.

Bankwest yesterday reported a $139 million loss for the year ending December 2008, compared with a profit of $204 million for the year before.

It also revealed its charge for impairment expenses to cover bad debt had risen to $825 million, compared to the $87.8 million for the year before.

Despite the price review CBA CEO Ralph Norris says the bank remains confident in the value Bankwest will bring to CBA.

Advertisement
Advertisement

“We have identified many opportunities to improve the performance of Bankwest and we remain confident that this acquisition will create significant value for the group.”

 

CBA calls for purchase price review as Bankwest reports $139m loss
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