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BankWest parent welcomes acquisition

by Staff Reporter7 minute read
The Adviser

HBOS Australia has welcomed the £12.2 billion (A$27.6 billion) acquisition of its UK parent HBOS by Lloyds TSB.

David Willis, HBOS Australia CEO, said Lloyds TSB’s credit rating and capital strength would enhance the position of HBOS Australia – including BankWest.

BankWest is a strong, stand-alone entity,” he said, “[and] this acquisition can only strengthen that position.”

“Our company will now be part of one of the biggest banks in the world.”

However while Mr Willis welcomed the merger, speculation is rife that Lloyds could look to offload its new Australian arm in the very near future; Bloomberg reports today that Lloyds is expected to sell up to £9 billion (A$20.4 billion) of non-core assets.

Published: 19-09-08

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