Bankwest will be forced to maintain its current level of commitment to bank branches in WA, after rules were imposed by the WA government.
The government is enforcing the rules in exchange for its approval for Bankwest to operate entirely under the licence of its parent, Commonwealth Bank of Australia.
Under the new conditions, Bankwest will not be allowed to close any branches in WA for the next five years. If it does, it must open another branch in the same area.
The bank’s headquarters and managing director must also be kept in WA.
bought Bankwest in 2008, although under WA’s state legislation, it was allowed to continue operating autonomously under its own licence.
The changes were passed by state Parliament last month. They will take effect within two weeks, allowing CBA
to take full licencing control of Bankwest.
A spokesperson for Bankwest told The Australian Financial Review the bank was still committed to WA’s economy.
“Bankwest will sustain its ongoing commitment to Western Australia including upholding its brand presence, community commitments and key roles within the bank,” they said.