Bankwest, previously known as The Bank of Western Australia is an Australian 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 A$2.1 billion but continues to operate independently of its parent company.
Bankwest also has offices in Adelaide, Brisbane, Canberra, Melbourne and Sydney.
History
In 1895, the Government of Western Australia established the Agricultural Bank of Western Australia as a rural lender to support the State's farming industries. Despite its name, it was technically 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, the Agricultural Bank became a full trading bank and changed its name to the Rural and Industries Bank of Western Australia (also known as R&I Bank). This enabled it to expand its retail and commercial banking services throughout the state. In 1956 it became a savings bank, and in 1985 the first Sydney stores opened.
The bank was 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, the Bank of Scotland acquired the bank, 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 A$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.
Controversies
In December 2011, a former Bankwest commercial client Geoff Shannon started an action group and website called "Unhappy Banking", after losing "all of [his] company and personal assets due to the predatory conduct of Bankwest". The group claims that Bankwest "moved aggressively to reduce its exposure to small- and medium-sized commercial property clients" after being taken over by the Commonwealth Bank in 2008. After lobbying by Unhappy Banking, a Senate Inquiry was announced into banking practices on 14 March 2012.
See also
- Timeline of banking in Western Australia
Sources
- Spillman, Ken (1989) Horizons: A History of the Rural and Industries Bank of Western Australia. (Perth: University of Western Australia Press.)
References
ArrayExternal links
- Official website of Bankwest
Interesting Informations
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