CBA confirms bid for BankWest

After conflicting reports last week The Commonwealth Bank has today confirmed it is in negotiations with HBOS plc to purchase BankWest.

In a statement to the ASX, CBA said it had commenced “exclusive negotiations” with HBOS and that “while discussions were continuing the parties have not yet reached agreement”.

An acquisition of BankWest would give CBA clear market share domination in WA.

The bank is also rumoured to be interested in Suncorp’s banking and wealth management operations which Suncorp confirmed yesterday it was taking expressions of interest for.