All Topics  
Bank of Western Australia

 

 
   Email Print
   Bookmark   Link
 

 

Bank of Western Australia
 
 
  Topics Bank of Western Australia Topic Home

Bank of Western Australia (commonly known as BankWest) is a full service bank based in Perth
Perth, Western Australia

Perth is the List of Australian capital cities and largest city of the Australian States and territories of Australia of Western Australia. With a population of 1,554,769 , Perth ranks fourth amongst the nation's cities, with a growth rate consistently above the national average....
, Western Australia
Western Australia

Western Australia is a States and territories of Australia occupying the entire western third of the Australia . The nation's largest state and the second largest subnational entity in the world, it has 2.1 million inhabitants , 85% of whom live in the south-west corner of the state....
. Formerly a wholly owned subsidiary of HBOS plc
HBOS

HBOS plc is a banking and insurance group 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 the second largest bank by market capitalisation in Australia, with businesses across New Zealand,Fiji, Asia, USA and the United Kingdom....
 for AU$
Australian dollar

The Australian dollar is the currency of the Commonwealth of Australia, including Christmas Island, Cocos Islands, and Norfolk Island, as well as the independent Pacific Islandss of Kiribati, Nauru and Tuvalu....
2.1 billion.

Offices in Adelaide, Brisbane, Melbourne and Sydney currently provide interstate services to BankWest customers. On the 12th July 2007, BankWest announced their “Banking Refreshed” initiative.






Discussion
Ask a question about 'Bank of Western Australia'
Start a new discussion about 'Bank of Western Australia'
Answer questions from other users
Full Discussion Forum



Encyclopedia


Bank of Western Australia (commonly known as BankWest) is a full service bank based in Perth
Perth, Western Australia

Perth is the List of Australian capital cities and largest city of the Australian States and territories of Australia of Western Australia. With a population of 1,554,769 , Perth ranks fourth amongst the nation's cities, with a growth rate consistently above the national average....
, Western Australia
Western Australia

Western Australia is a States and territories of Australia occupying the entire western third of the Australia . The nation's largest state and the second largest subnational entity in the world, it has 2.1 million inhabitants , 85% of whom live in the south-west corner of the state....
. Formerly a wholly owned subsidiary of HBOS plc
HBOS

HBOS plc is a banking and insurance group 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 the second largest bank by market capitalisation in Australia, with businesses across New Zealand,Fiji, Asia, USA and the United Kingdom....
 for AU$
Australian dollar

The Australian dollar is the currency of the Commonwealth of Australia, including Christmas Island, Cocos Islands, and Norfolk Island, as well as the independent Pacific Islandss of Kiribati, Nauru and Tuvalu....
2.1 billion.

Offices in Adelaide, Brisbane, Melbourne and Sydney currently provide interstate services to BankWest customers. On the 12th July 2007, BankWest announced their “Banking Refreshed” initiative. It consists of the roll out of 160 new branches across NSW, Victoria
Victoria (Australia)

File:Map Victoria Aboriginal tribes .jpgVictoria is a States and territories of Australia located in the southeastern corner of Australia. It is the smallest mainland state in area but the most Population density and urbanised....
, Queensland
Queensland

Queensland is a States and territories of Australia of Australia, occupying the north-eastern section of the mainland continent. It is bordered by the Northern Territory to the west, South Australia to the south-west and New South Wales to the south....
 and South Australia
South Australia

South Australia is a States and territories of Australia 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....
 over the next 3 – 4 years, with the aim to win customers from the ‘Big 4’ 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 Australia
Government 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 bank and clearing bank based in Edinburgh, Scotland. With a history dating to the 17th century, it is the oldest surviving bank in what is now the United Kingdom, and is the only commercial institution created by the Parliament of Scotland to remain in existence....
 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 February 1 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 bank and clearing bank based in Edinburgh, Scotland. With a history dating to the 17th century, it is the oldest surviving bank in what is now the United Kingdom, and is the only commercial institution created by the Parliament of Scotland to remain in existence....
 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.

Recent history

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 group 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

In January 2009, Lloyds TSB Group changed its name to Lloyds Banking Group. This article is now about the brand Lloyds TSB which is still operated as part of the Lloyds Banking Group....
 bought HBOS
HBOS

HBOS plc is a banking and insurance group 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 issues 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 the second largest bank by market capitalisation in Australia, with businesses across New Zealand,Fiji, Asia, USA and the United Kingdom....
 for AU$
Australian dollar

The Australian dollar is the currency of the Commonwealth of Australia, including Christmas Island, Cocos Islands, and Norfolk Island, as well as the independent Pacific Islandss of Kiribati, Nauru and Tuvalu....
2.1 billion. The acquisition was completed in early 2009.

Products & Services

Bankwest offers a full range of banking products, including loans, credit cards transaction and savings accounts.

Bankwest has also recently released the Bankwest Regular Saver account,

See also

  • BankWest Tower
    BankWest Tower

    The BankWest Tower is a 52-storey office tower in Perth, Western Australia, Western Australia. Completed in 1988, the building measures to its roof and to the tip of its Antenna ....
  • Timeline of banking in Western Australia
    Timeline of banking in Western Australia

    The first commercial bank in Western Australia was created eight years after the establishment of the Swan River Colony in 1829.Note: bold entries indicate a locally domiciled operation...


Sources

  • Spillman, Ken. 1989. Horizons: A History of the Rural and Industries Bank of Western Australia. Perth: University of Western Australia Press.


External links

  • - Official site