Bankwest
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Bankwest is an Australian bank based in Perth, Western Australia. It was founded as the Agricultural Bank of Western Australia in 1895 by the Government of Western Australia being renamed the Rural and Industries Bank in 1944, and Bankwest in 1994 before being privatised. After a period of being a listed company on the Australian Securities Exchange, it was taken over by the Bank of Scotland, and since 2008 has been a subsidiary of the Commonwealth Bank.
Having expanded into the Eastern states in the 1980s, it closed the last of these branches in October 2022. The remaining 60 branches in Western Australia will be closed by the end of 2024 with 15 being converted to Commonwealth Bank branches. Bankwest will then become an online bank only.
HistoryEdit
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Agricultural Bank eraEdit
In 1895, the Government of Western Australia established the Agricultural Bank of Western Australia as a rural lender to support the state's farming industries.<ref>The claim that it was the first state/colony government entity of its type made in 1906 in an eastern states newspaper Template:Cite news</ref> Despite its name, it was not a bank, as it did not accept deposits from the public, its liabilities being government bonds. It was a government instrumentality that lent exclusively to farmers.<ref name=Journey>Our journey Bankwest</ref><ref name=Spillman>Template:Cite book</ref>
Rural & Industries Bank eraEdit
On 1 October 1945 pursuant to the Rural and Industries Bank Act 1944, the Agricultural Bank changed its name to the Rural and Industries Bank of Western Australia becoming a full trading bank.<ref>Template:Cite journal</ref><ref>Template:Cite news</ref> This enabled it to expand its retail and commercial banking services throughout the state. Its headquarters were at the former Agricultural Bank headquarters at 555 Hay Street, Perth.<ref name=Spillman/><ref>Rural and Industries Bank of WA The Weekly Gazette 19 October 1945 page 4</ref>
In 1956 it became a savings bank.<ref>Template:Cite journal</ref> In March 1961, its headquarters moved to a purpose building in Barrack Street. In 1973, a 45% shareholding in Perpetual Finance Corporation was purchased increasing to 100% in 1978. A major shareholding in the Town & Country Permanent Building Society was also purchased in 1973.<ref name=Spillman/>
In 1985, the first interstate branch was opened in Sydney.<ref name=Journey/> In June 1987, the Primary Industry Bank of Australia became a subsidiary.<ref>Appendix 2: Australian Banks 1980 to 1990 Reserve Bank of Australia</ref> In August 1987, the Teachers' Credit Society was taken over in a bailout.<ref>Rothmans improves profit by 14.5 pc to $60.58m Canberra Times 18 August 1987 page 18</ref><ref>The Deregulated Era Reserve Bank of Australia</ref> In 1988, the headquarters moved to 108 St Georges Terrace, which was the tallest building in Perth at the time.<ref name=Spillman/>
Bankwest eraEdit
The bank was incorporated in 1990, and in 1994 changed its name to the Bank of Western Australia with the trading name Bankwest, in preparation for privatisation.<ref>R&I Bank Act 1990 Government of Western Australia</ref> In December 1995, the Bank of Scotland acquired the bank, and as part of the sale agreement, offered 49 per cent of the shares in Bankwest to the public.<ref>BankWest launches its public float Canberra Times 21 December 1995 page 17</ref><ref>Bank of Scotland lifts holding in BankWest to 55pc Australian Financial Review 17 November 1998</ref> Bankwest was listed on the Australian Securities Exchange (ASX) on 1 February 1996.
In May 2001, Bank of Scotland merged with Halifax to form HBOS.<ref>Halifax, BoS agree merger CNN Money 4 May 2001</ref> In August 2003, HBOS completed a successful takeover offer for the shares it did not own with Bankwest delisted from the ASX.<ref>Scots turn screws on BankWest Sydney Morning Herald 9 June 2003</ref><ref>HBOS - Bank of Western Australia Scheme of Arrangement become effective Bankwest 26 August 2003</ref>
In 2003, Bankwest acquired API Finance from Australian Pharmaceutical Industries for $300 million in line with its industry specialisation growth strategy in the business banking segment.<ref>Template:Cite press release</ref>
In October 2006, Bankwest announced it would move its headquarters from 108 St Georges Terrace to 300 Murray Street.<ref>BankWest's seismic shift in Perth Australian Financial Review 20 October 2006</ref><ref>Future murky for Raine Square as Bankwest, Coles mull exit WAtoday 1 April 2021</ref> After lengthy delays, the move occurred in September 2012.<ref>Template:Cite news</ref> Bankwest's lease expires in 2031.<ref>Charter Hall secures Bankwest lease renewal at its Perth headquarters Charter Hall 15 December 2020</ref>
In September 2008, Bankwest was included in the sale of HBOS to Lloyds TSB.<ref>Rescue: Lloyds pulls HBOS out of the fire with £12bn merger The Guardian 18 September 2008</ref> The following month, with significant problems of its own during the 2008 financial crisis, Lloyds TSB agreed terms to sell Bankwest to the Commonwealth Bank for $2.1 billion.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref><ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> The sale was completed in December 2008.<ref>ACCC not to oppose Commonwealth Bank of Australia's proposed acquisition of Bank of Western Australia Ltd Australian Competition & Consumer Commission 10 December 2008</ref><ref>CBA completes acquisition of BankWest and St Andrews Commonwealth Bank 19 December 2008</ref>
Bankwest's business banking operation was closed and its customers moved to the Commonwealth Bank, sparking a senate inquiry.<ref>Senate inquiry into Commonwealth Bank over Bankwest is a slur on our biggest bank Australian Financial Review 1 December 2015</ref>
In February 2022, Bankwest announced it would stop offering business products and services and eventually shift existing business customers to the Commonwealth Bank.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>
Branch closuresEdit
In July 2018, Bankwest announced plans to close 29 branches in New South Wales, Victoria and Queensland citing that an overwhelming number of its customers were choosing to bank online.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> In October 2022, Bankwest closed all its east coast branches.<ref name=ABC20240306/>
In March 2024, Bankwest announced that it will close all remaining 60 branches and automated teller machines (ATMs) by the end of 2024 and become a digital bank.<ref name=BranchClosureInformation>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>Template:Update after<ref name=ABC20240306>Template:Cite news</ref>Template:Update after Fifteen regional branches will be converted to Commonwealth Bank branches and 45 closed.<ref name=ABC20240306/><ref name=BranchClosureInformation/><ref>Bankwest called upon to face parliamentary committee after branch closure announcement News.com.au 7 March 2024</ref> Cash transactions will be available via other banks' ATMs and Australia Post.<ref name=ABC20240306/><ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>
SponsorshipsEdit
Bankwest was naming rights sponsor of the Fremantle Football Club in 2004 and 2005.<ref>BankWest increases support Fremantle Football Club March 2004</ref>
In 2018, Bankwest signed a seven-year contract to be the naming rights sponsor of Western Sydney Stadium.<ref>Bankwest secures naming rights to Western Sydney Stadium Infrastructure NSW 5 December 2018</ref> However, after only three years, the contract was taken over by the Commonwealth Bank and the stadium rebranded CommBank Stadium.<ref>Bankwest Stadium becomes CommBank Stadium as CBA secures naming rights Mumbrella 21 September 2021</ref>
See alsoEdit
ReferencesEdit
External linksEdit
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