BankWest

Bankwest BankWest is a full service bank based in Perth, Western Australia. It is active in all market segments, and its lending is diversified between the business, rural, housing and personal markets, including the full range of deposit products.

In its home State, BankWest is a market leader with about one quarter of all bank advances and deposits. Nearly 660,000 customers are served through an extensive network of branches, agencies and electronic banking facilities, as well as 24-hour telephone and internet banking services.

In the interstate markets, BankWest has promoted a selected range of products using cost-effective third party distribution channels, including finance brokers and affinity partnerships. The interstate expansion is supported by offices in Adelaide, Brisbane, Melbourne and Sydney. As at December 2003, the interstate markets account for 48.8 per cent of BankWest's total lending.

Nationally, relationship managers look after the banking needs of business and corporate customers. The Bank offers specialist services in the financial markets (i.e. foreign exchange, money market and bullion), international banking, equipment finance and project finance.

After Levi Strauss & Co., which produces "Dockers" brand clothing, challenged the club's right to use that name, all references to it were dropped from official use.

History:

BankWest first opened its doors for business in 1895, as the Agricultural Bank of Western Australia. It was established by the Government of Western Australia to help develop the State's farming industry.

In 1945, it became a trading bank and changed its name to the Rural and Industries Bank of Western Australia. Over the next 50 years, it grew to become a market leader in its home State.

In 1994, the Bank changed its name to Bank of Western Australia Ltd, and adopted the trading name BankWest, to clearly identify it with the State as a whole.

BankWest was acquired in December 1995 by Bank of Scotland. As part of the sale agreement, Bank of Scotland subsequently offered 49 per cent of the shares in BankWest to the public. BankWest shares listed on the Australian Stock Exchange on 1 February 1996.

In 2003, the majority shareholder of BankWest, HBOS plc, acquired the remaining shares in the company. HBOS plc was formed in 2001 as a result of the merger of Bank of Scotland (a major UK clearing bank) and Halifax Group plc (a large UK financial institution).

BankWest is a member of the HBOS Australia group, part of HBOS plc, the fourth largest financial institution in the UK with assets of about AUD$800 billion (₤380 billion). For more information about HBOS click here.