BankWest

Infobox_Company
company_name = Bank of Western Australia
company_
company_type = Subsidiary of HBOS
key_people = Simon Walsh (MD)
Paul Clark
Ian Corfield
Jason White
foundation = 1895
location = flagicon|AUS Perth, Western Australia
products = Transaction Account
Savings Account
Home Loans
Term Deposits
Credit Cards
industry = Financial services
revenue = profit $552 million AUD before tax (2005)
homepage = [http://www.bankwest.com.au/ www.bankwest.com.au]

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 AU$2.1 billion. [cite web|url=http://www.commbank.com.au/about-us/news/media-releases/2008/081008-news-bankwest-acquisition.aspx|title=Commonwealth Bank of Australia to acquire Bank West and St Andrew's|author=Commonwealth Bank of Australia|year=2008|accessdate=2008-10-09] [cite web|url=http://www.bankwest.com.au/Media_Centre/Media_Releases/Media_Releases_2008/BankWest_and_St_Andrews_sold_to_Commonwealth_Bank/index.aspx|title=BankWest and St Andrew's sold to Commonwealth Bank|author=Bank of Western Australia Limited|year=2008|accessdate=2008-10-09]

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, Queensland and South Australia 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. [cite web|url=http://www.theaustralian.news.com.au/story/0,25197,24468421-20501,00.html|title=Fears for choice as Commonwealth and BankWest merge|author=Nicola Berkovic, The Australian|year=2008|accessdate=2008-10-09]

History

The Government of Western 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 February 1 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.

Future

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. This was met by a 10 point drop in HBOS stock value. Whilst the bank declined to comment on the reports, head of business deposits and transactional services Gary Johnson noted that Bankwest is "very strong" (pointing to the bank's A+ credit rating), and head of retail mortgages and savings Paul Vivian went on to comment "I think that we're as safe as any of the major banks in Australia." [cite web | url=http://www.theaustralian.news.com.au/story/0,25197,23806517-643,00.html | title=Bankwest says it's safe despite sale rumours | publisher=The Australian | accessdate=2008-06-05]

In September 2008, Lloyds TSB bought HBOS in a deal worth over £12.2 Billion. This was followed in October 2008 when, with significant issues of their own, HBOS/Tloyds TSB agreed to the sale of BankWest and St Andrews Insurances to Commonwealth Bank of Australia for AU$2.1 billion. The acquisition is scheduled to be completed in early 2009, subject to regulatory approval.

Products & Services

BankWest offers a full range of banking products, including loans, credit cards transaction and savings accounts. Some of their more notable products are:

- BankWest Telenet Saver
- BankWest Regular Saver
- BankWest Lite Mastercard
- BankWest More Mastercard
- BankWest Lite Homeloan

BankWest has also recently released the BankWest Regular Saver account, which offers a standard rate of 9.00% if a minimum of $50 and maximum of $500 is deposited each month, and no withdrawals are made. This is advertised as the highest interest rate for a savings account in Australia. The maximum initial deposit allowed is also $500, and after 12 months the entire balance is "swept" out of the account and into a nominated linked facility. [http://www.bankwest.com.au/Personal/Savings_and_Investment/Regular_Saver/index.aspx]

See also

* BankWest Tower
* Timeline of banking in Western Australia

ources

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

References

External links

* [http://www.bankwest.com.au/ BankWest] - Official site