NEWS UPDATE: CBA denies BankWest rumours
The Commonwealth Bank of Australia (CBA) has put to rest speculation that it was in discussions with HBOS regarding the acquisition of BankWest.
“Commonwealth Bank is aware of recent media speculation regarding the possible acquisition of BankWest.
Commonwealth Bank regularly reviews acquisition opportunities but at this time confirms we do not have any offer with HBOS plc to acquire BankWest,” the bank’s statement to the Australian Securities Exchange said.
There had been speculation this morning that CBA had offered up to $3 billion for BankWest, which is currently owned by HBOS, one of the companies that suffered under the force of the credit crunch.
In September, HBOS was forced into the arms of Lloyds TSB. There is speculation that the sale of assets as a result may be in the order of £9 billion, with the possibility that HBOS’ Australian operations could be included.
But HBOS Australia and BankWest have said customers of the local group would benefit from the acquisition, with Australian banking customers becoming part of one of the world’s biggest banks. The acquisition of HBOS by Lloyds created Britain’s largest mortgage bank.
In December last year HBOS’ Simon Walsh was appointed as managing director of BankWest. Walsh was previously a BankWest director and head of group strategy with HBOS Australia.
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