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Bankwest is an Australian bank based in Perth, Western Australia. It was founded as the Agricultural Bank of Western Australia in 1895 by the Government of Western Australia being renamed the Rural and Industries Bank in 1944, and Bankwest in 1994 before being privatised. After a period of being a listed company on the Australian Securities Exchange, it was taken over by the Bank of Scotland, and since 2008 has been a subsidiary of the Commonwealth Bank.
Having expanded into the Eastern states in the 1980s, it closed the last of these branches in October 2022. The remaining 60 branches in Western Australia were all closed by the end of 2024 with 15 of them being converted to Commonwealth Bank branches. Bankwest then became an online bank only.
target="_blank" rel="nofollow"> Our journey Bankwest
In 1956 it became a savings bank. In March 1961, its headquarters moved to a purpose building in Barrack Street. In 1973, a 45% shareholding in Perpetual Finance Corporation was purchased increasing to 100% in 1978. A major shareholding in the Town & Country Permanent Building Society was also purchased in 1973.
In 1985, the first interstate branch was opened in Sydney. In June 1987, the Primary Industry Bank of Australia became a subsidiary.
In May 2001, Bank of Scotland merged with Halifax to form HBOS. Halifax, BoS agree merger CNN Business 4 May 2001 In August 2003, HBOS completed a successful takeover offer for the shares it did not own with Bankwest delisted from the ASX.
In 2003, Bankwest acquired API Finance from Australian Pharmaceutical Industries for $300 million in line with its industry specialisation growth strategy in the business banking segment.
In October 2006, Bankwest announced it would move its headquarters from 108 St Georges Terrace to 300 Murray Street.
In September 2008, Bankwest was included in the sale of HBOS to Lloyds Bank. Rescue: Lloyds pulls HBOS out of the fire with £12bn merger The Guardian 18 September 2008 The following month, with significant problems of its own during the 2008 financial crisis, Lloyds TSB agreed terms to sell Bankwest to the Commonwealth Bank for $2.1 billion. The sale was completed in December 2008.
Bankwest's business banking operation was closed and its customers moved to the Commonwealth Bank, sparking a senate inquiry.
In February 2022, Bankwest announced it would stop offering business products and services and eventually shift existing business customers to the Commonwealth Bank.
In March 2024, Bankwest announced that it will close all remaining 60 branches and automated teller machines (ATMs) by the end of 2024 and become a Direct bank. Fifteen regional branches will be converted to Commonwealth Bank branches and 45 closed. Bankwest called upon to face parliamentary committee after branch closure announcement News.com.au 7 March 2024 Cash transactions will be available via other banks' ATMs and Australia Post.
In 2018, Bankwest signed a seven-year contract to be the naming rights sponsor of Western Sydney Stadium.
target="_blank" rel="nofollow"> Appendix 2: Australian Banks 1980 to 1990 Reserve Bank of Australia In August 1987, the Teachers' Credit Society was taken over in a bailout. Rothmans improves profit by 14.5 pc to $60.58m Canberra Times 18 August 1987 page 18
target="_blank" rel="nofollow"> The Deregulated Era Reserve Bank of Australia In 1988, the headquarters moved to 108 St Georges Terrace, which was the tallest building in Perth at the time.
Bankwest era
The bank was incorporated in 1990, and in 1994 changed its name to the Bank of Western Australia with the trading name Bankwest, in preparation for privatisation. R&I Bank Act 1990 Government of Western Australia 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 launches its public float Canberra Times 21 December 1995 page 17
target="_blank" rel="nofollow"> Bank of Scotland lifts holding in BankWest to 55pc Australian Financial Review 17 November 1998 Bankwest was listed on the Australian Securities Exchange (ASX) on 1 February 1996.
target="_blank" rel="nofollow"> Scots turn screws on BankWest Sydney Morning Herald 9 June 2003 HBOS - Bank of Western Australia Scheme of Arrangement become effective Bankwest 26 August 2003
target="_blank" rel="nofollow"> BankWest's seismic shift in Perth Australian Financial Review 20 October 2006
target="_blank" rel="nofollow"> Future murky for Raine Square as Bankwest, Coles mull exit WAtoday 1 April 2021 After lengthy delays, the move occurred in September 2012. Bankwest's lease expires in 2031.
target="_blank" rel="nofollow"> Charter Hall secures Bankwest lease renewal at its Perth headquarters Charter Hall 15 December 2020
target="_blank" rel="nofollow"> ACCC not to oppose Commonwealth Bank of Australia's proposed acquisition of Bank of Western Australia Ltd Australian Competition & Consumer Commission 10 December 2008 CBA completes acquisition of BankWest and St Andrews Commonwealth Bank 19 December 2008
target="_blank" rel="nofollow"> Senate inquiry into Commonwealth Bank over Bankwest is a slur on our biggest bank Australian Financial Review 1 December 2015
Branch closures
In July 2018, Bankwest announced plans to close 29 branches in New South Wales, Victoria and Queensland citing that an overwhelming number of its customers were choosing to bank online. In October 2022, Bankwest closed all its east coast branches.
Sponsorships
Bankwest was naming rights sponsor of the Fremantle Football Club in 2004 and 2005.
target="_blank" rel="nofollow"> BankWest increases support Fremantle Football Club March 2004
target="_blank" rel="nofollow"> Bankwest secures naming rights to Western Sydney Stadium Infrastructure NSW 5 December 2018 However, after only three years, the contract was taken over by the Commonwealth Bank and the stadium rebranded CommBank Stadium.
target="_blank" rel="nofollow"> Bankwest Stadium becomes CommBank Stadium as CBA secures naming rights Mumbrella 21 September 2021
See also
External links
Categories: Official Website, Bank Of Scotland, Banks Established In 1895, Banks Of Australia, Commonwealth Bank, Companies Based In Perth, Western Australia, Companies Formerly Listed On The Australian Securities Exchange, Former Government-owned Companies Of Western Australia, Lloyds Banking Group, 1895 Establishments In Australia
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