CBA snaps up BankWest

Within weeks of Lloyds TSB acquiring HBOS, the group has offloaded subsidiary BankWest to CBA.

The deal, which also includes HBOS wealth management business St Andrew’s, is worth $2.1 billion.

In an international financial sector characterised by increasing acquisitions in recent weeks, Australia’s largest lender was quick to pounce on BankWest, after only admitting its intentions to begin negotiations yesterday.

Ralph Norris, CBA chief executive said “rarely have we seen a quality asset such as BankWest become available on such attractive terms”.

“BankWest provides a significant opportunity to further develop the group’s business in the fast growing Western Australian market.”

“It complements our existing operations and will deliver additional growth opportunities in key market segments.”

The Commonwealth Bank will maintain the BankWest brand and said no branches or business centres in WA would be closing.