Bank of Western Australia
Bank of Western Australia uses the name "BankWest" as its trading name. The bank has its head office in Perth and its total assets of A$11bn represents a market share in its state of about 25 percent. It is a wholly-owned subsidiary of HBOS plc of the UK.
History
- 1895: The Government of Western Australia established the Agricultural Bank of Western Australia. The Agricultural Bank of Western Australia was not a 'bank' in that it did not collect deposits from the public. Its liabilities were government bonds. It was a government instrumentality that lent exclusively to farmers.
- 1945: The bank changed its name to Rural and Industries Bank of Western Australia ("R&I").
- 1990: The bank incorporated.
- 1994: The bank changed its name to Bank of Western Australia.
- 1995: Bank of Scotland bought 51 percent of the bank and did an IPO (initial public offering) for the remaining 49 percent.
- 2001: Halifax Group (a large UK financial institution) merged with Bank of Scotland to form HBOS plc.
- 2003: HBOS plc acquired all outstanding shares to make Bank of Western Australia a wholly-owned subsidiary.
Source
Spillman, Ken. 1989. Horizons: A History of the Rural and Industries Bank of Western Australia. Perth: University of Western Australia Press.
