Swan approves CBA/Bankwest merger
By BN
|
18 Dec 2008
Following in the footsteps of Westpac, the CBA today received approval from Treasurer Wayne Swan for the acquisition of Bankwest and St Andrews Australia.
CBA chief executive Ralph Norris applauded the decision, which will see the merged entity service nearly 11 million Australians, saying it would allow the bank to "further develop its business in the fast growing Western Australian market and deliver additional growth opportunities in key market segments".
He went on to say that the Group was committed to the Bankwest brand and would continue to operate both Bankwest and Commonwealth Bank branches in Western Australia.
Norris also announced that current Bankwest Chairman Ian Mackenzie would continue in his role, with Jon Sutton joining Bankwest from the CBA as managing director.
Sutton has most recently held the position of executive general manager agribusiness with the CBA.
The approval by the Federal Treasurer means that the acquisition of Bankwest and St Andrews is now expected to complete on 19 December 2008.
Related stories:
ACCC gives CBA/BankWest deal the green light
BankWest: We will remain competitive and innovative
CHOICE: Stop CBA buying BankWest
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