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Federal treasurer Wayne Swan has given final approval to CBA’s acquisition of BankWest and HBOS wealth management business St Andrews.
Federal treasurer Wayne Swan has given final approval to CBA’s acquisition of BankWest and HBOS wealth management business St Andrews.
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Mr Swan
said the proposed acquisition of BankWest removed uncertainty over the future
of the bank and would help instill more confidence in the Australian financial
system.
“The merged
entity will have a larger balance sheet and stronger capital position, as well
as broader access to funding markets leaving it better placed to withstand
further challenges from the global financial crisis,” he said.
Ralph
Norris, chief executive officer of CBA, said he was delighted to receive the
approval.
“Acquisition
allows the Commonwealth Bank to further develop its business in the fast
growing Western Australian market and deliver additional growth opportunities
in key market segments.”
CBA said
the combined group will service close to 11 million Australians.
