Bankwest Online Banking login | Bank of Western Australia Account Review
Bankwest is a division of commonwealth bank of Australia. The bank was founded in the year 1895. This Australian service based bank which is located at Perth Western Australia, was formerly known as the bank of Western Australia. It was formerly a owned subsidiary of HBOS plc.
It was sold in October 2008 to the Commonwealth Bank of Australia for A$2.1 billion and operates as a division of its parent company.
To Visit the official website of Bankwest, Click here or visit www.bankwest.com.au.
Though based in Perth, bankwest of Bank of Western Australia also had offices in Adelaide, Brisbane, Canberra, Melbourne and Sydney.
History Of Bankwest
Before the formation of what later became bankwest, the Government of Western Australia established the Agricultural Bank of Western Australia as a rural lender to support the State’s farming industries.
It was technically not a bank, in that it did not collect deposits from the public, its liabilities being government bonds irrespective of the fact that it has ‘bank’’ attached. It was a government instrumentality that lent exclusively to farmers.
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) in 1954. This enabled it to expand its retail and commercial banking services throughout the state.
However, in 1956 it became a savings bank, and in 1985 the first Sydney stores opened.
Then in 1990, the bank was incorporated, and in 1994, the name was changed to the Bank of Western Australia Limited, with the trading name Bankwest, in preparation for privatization in December 1995.
Late in 2006, Bankwest announced it would leave landmark tower, for a new complex at Raine Square.
Bankwest terminated its share trading platform and all Bankwest Online Share Trading Accounts were closed on 31 May 2016.
Products of Bankwest Online | Bank of Western Australia
As an old bank of 80’s, bankwest has been putting in the best to ensure customers satisfaction. And this is seen in the manner the bank has created its products, and the services they render are so uniquely mapped out.
Bankwest in 2007 launched the Bankwest Regular Saver account for individuals and in Bankwest launched the Student Edge Debit Card linked to their Student Account.
Bankwest products include; offering of loans to interested customers, credit cards transactions and savings account, term deposit, etc.
Merger and acquisition of Bank of Western Australia
On February 1st, 1996, The Bank of Scotland acquired west 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
A large UK financial institution by name Grouping 2001, merged with Bank of Scotland to form HBOS plc. HBOS in turn acquired all the outstanding shares of Bankwest, making it HBOS’s wholly owned subsidiary.
In 2003, Bankwest announced that its interest to acquire API Finance from Australian Pharmaceutical Industries Ltd (API) for $300m in line with its industry specialization growth strategy in the business banking segment.
Nonetheless, Lloyds in a deal worth over £12.2 billion bought HBOS. This was followed in October 2008 when, HBOS/Lloyds TSB agreed to the sale of Bankwest and St Andrews Insurances to Commonwealth Bank of Australia (CBA) for an initial purchase price of A$2.1 billion. (Refer Share Sale Deed).