Bank of Western Australia
Encyclopedia
Bank of Western Australia (commonly known as Bankwest) is a full service bank based in Perth
, Western Australia
. Formerly a wholly owned subsidiary of HBOS plc
, it was sold in October 2008 to the Commonwealth Bank of Australia
for 2.1 billion.
Offices in Adelaide, Brisbane, Melbourne and Sydney currently provide interstate services to Bankwest customers. On 12 July 2007, Bankwest announced their “Banking Refreshed” initiative. It consists of the roll out of 160 new branches across New South Wales
, Victoria
, Queensland
and South Australia
over the next 3 – 4 years, with the aim to win customers from the "big four" banks. It is anticipated that the initiative will be terminated in October 2008 following the sale of Bankwest to the Commonwealth Bank of Australia.
established the bank in 1895 as the Agricultural Bank of Western Australia as a rural lender to support the State's farming industries. Technically it was not a bank in that it did not collect deposits from the public, its liabilities being government bonds. It was a government instrumentality that lent exclusively to farmers.
In 1945, it became a full trading bank and changed its name to the Rural and Industries Bank of Western Australia (aka R&I Bank). This enabled it to expand its retail and commercial banking services throughout the state.
The Bank incorporated in 1990, and then in 1994 changed its name to the Bank of Western Australia Limited, with the trading name Bankwest, in preparation for privatisation. In December 1995 Bank of Scotland
acquired the operation, and as part of the sale agreement, offered 49 per cent of the shares in Bankwest to the public. Bankwest shares listed on the Australian Stock Exchange on 1 February 1996.
In 2001 Halifax Group (a large UK financial institution) merged with Bank of Scotland
to form HBOS plc. HBOS then acquired all the outstanding shares of Bankwest, making it HBOS's wholly owned subsidiary.
In 2003, Bankwest announced the acquisition of API Finance from Australian Pharmaceutical Industries Ltd (API) for $300m in line with its industry specialisation growth strategy in the business banking segment.
Late in 2006, Bankwest announced it would be leaving their landmark tower, in favour of a new complex at Raine Square.
In early June 2008, reports began to circulate that HBOS
intended to sell Bankwest.
In September 2008, Lloyds TSB
bought HBOS
in a deal worth over £12.2 Billion. This was followed in October 2008 when, with significant problems of their own, HBOS/Lloyds TSB agreed to the sale of Bankwest and St Andrews Insurances to Commonwealth Bank of Australia
for 2.1 billion. The acquisition was completed in early 2009.
In 2007 Bankwest launched the Bankwest Regular Saver account for individuals.
Perth, Western Australia
Perth is the capital and largest city of the Australian state of Western Australia and the fourth most populous city in Australia. The Perth metropolitan area has an estimated population of almost 1,700,000....
, Western Australia
Western Australia
Western Australia is a state of Australia, occupying the entire western third of the Australian continent. It is bounded by the Indian Ocean to the north and west, the Great Australian Bight and Indian Ocean to the south, the Northern Territory to the north-east and South Australia to the south-east...
. Formerly a wholly owned subsidiary of HBOS plc
HBOS
HBOS plc is a banking and insurance company in the United Kingdom, a wholly owned subsidiary of the Lloyds Banking Group having been taken over in January 2009...
, it was sold in October 2008 to the Commonwealth Bank of Australia
Commonwealth Bank of Australia
The Commonwealth Bank of Australia is a multinational bank with businesses across New Zealand, Fiji, Asia, USA and the United Kingdom. Commonwealth Bank provides a variety of financial services including retail, business and institutional banking, funds management, superannuation, insurance,...
for 2.1 billion.
Offices in Adelaide, Brisbane, Melbourne and Sydney currently provide interstate services to Bankwest customers. On 12 July 2007, Bankwest announced their “Banking Refreshed” initiative. It consists of the roll out of 160 new branches across New South Wales
New South Wales
New South Wales is a state of :Australia, located in the east of the country. It is bordered by Queensland, Victoria and South Australia to the north, south and west respectively. To the east, the state is bordered by the Tasman Sea, which forms part of the Pacific Ocean. New South Wales...
, Victoria
Victoria (Australia)
Victoria is the second most populous state in Australia. Geographically the smallest mainland state, Victoria is bordered by New South Wales, South Australia, and Tasmania on Boundary Islet to the north, west and south respectively....
, Queensland
Queensland
Queensland is a state of Australia, occupying the north-eastern section of the mainland continent. It is bordered by the Northern Territory, South Australia and New South Wales to the west, south-west and south respectively. To the east, Queensland is bordered by the Coral Sea and Pacific Ocean...
and South Australia
South Australia
South Australia is a state of Australia in the southern central part of the country. It covers some of the most arid parts of the continent; with a total land area of , it is the fourth largest of Australia's six states and two territories.South Australia shares borders with all of the mainland...
over the next 3 – 4 years, with the aim to win customers from the "big four" banks. It is anticipated that the initiative will be terminated in October 2008 following the sale of Bankwest to the Commonwealth Bank of Australia.
History
The Government of Western AustraliaGovernment of Western Australia
The formation of the Government of Western Australia is prescribed in its Constitution, which dates from 1890, although it has been amended many times since then...
established the bank in 1895 as the Agricultural Bank of Western Australia as a rural lender to support the State's farming industries. Technically it was not a bank in that it did not collect deposits from the public, its liabilities being government bonds. It was a government instrumentality that lent exclusively to farmers.
In 1945, it became a full trading bank and changed its name to the Rural and Industries Bank of Western Australia (aka R&I Bank). This enabled it to expand its retail and commercial banking services throughout the state.
The Bank incorporated in 1990, and then in 1994 changed its name to the Bank of Western Australia Limited, with the trading name Bankwest, in preparation for privatisation. In December 1995 Bank of Scotland
Bank of Scotland
The Bank of Scotland plc is a commercial and clearing bank based in Edinburgh, Scotland. With a history dating to the 17th century, it is the second oldest surviving bank in what is now the United Kingdom, and is the only commercial institution created by the Parliament of Scotland to...
acquired the operation, and as part of the sale agreement, offered 49 per cent of the shares in Bankwest to the public. Bankwest shares listed on the Australian Stock Exchange on 1 February 1996.
In 2001 Halifax Group (a large UK financial institution) merged with Bank of Scotland
Bank of Scotland
The Bank of Scotland plc is a commercial and clearing bank based in Edinburgh, Scotland. With a history dating to the 17th century, it is the second oldest surviving bank in what is now the United Kingdom, and is the only commercial institution created by the Parliament of Scotland to...
to form HBOS plc. HBOS then acquired all the outstanding shares of Bankwest, making it HBOS's wholly owned subsidiary.
In 2003, Bankwest announced the acquisition of API Finance from Australian Pharmaceutical Industries Ltd (API) for $300m in line with its industry specialisation growth strategy in the business banking segment.
Late in 2006, Bankwest announced it would be leaving their landmark tower, in favour of a new complex at Raine Square.
In early June 2008, reports began to circulate that HBOS
HBOS
HBOS plc is a banking and insurance company in the United Kingdom, a wholly owned subsidiary of the Lloyds Banking Group having been taken over in January 2009...
intended to sell Bankwest.
In September 2008, Lloyds TSB
Lloyds TSB
Lloyds TSB Bank Plc is a retail bank in the United Kingdom. It was established in 1995 by the merger of Lloyds Bank, established in Birmingham, England in 1765 and traditionally considered one of the Big Four clearing banks, with the TSB Group which traces its origins to 1810...
bought HBOS
HBOS
HBOS plc is a banking and insurance company in the United Kingdom, a wholly owned subsidiary of the Lloyds Banking Group having been taken over in January 2009...
in a deal worth over £12.2 Billion. This was followed in October 2008 when, with significant problems of their own, HBOS/Lloyds TSB agreed to the sale of Bankwest and St Andrews Insurances to Commonwealth Bank of Australia
Commonwealth Bank of Australia
The Commonwealth Bank of Australia is a multinational bank with businesses across New Zealand, Fiji, Asia, USA and the United Kingdom. Commonwealth Bank provides a variety of financial services including retail, business and institutional banking, funds management, superannuation, insurance,...
for 2.1 billion. The acquisition was completed in early 2009.
Products and services
Bankwest offers a full range of banking products, including loans, credit cards transaction and savings accounts.In 2007 Bankwest launched the Bankwest Regular Saver account for individuals.
Sources
- Spillman, Ken. 1989. Horizons: A History of the Rural and Industries Bank of Western Australia. Perth: University of Western Australia Press.
External links
- BankWest - Official site