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StumbleuponSYDNEY - Australia's largest bank, Commonwealth Bank of Australia Ltd., said Wednesday it had agreed to buy Bank of Western Australia Limited and St. Andrew's Australia from troubled British bank HBOS for $1.4 billion.
Commonwealth, the nation's biggest mortgage lender, said the purchase will help expand its presence in Western Australia, the country's fastest-growing state.
"The Commonwealth Bank regularly reviews acquisition opportunities but rarely have we seen a quality asset such as BankWest become available on such attractive terms to us," Commonwealth Bank chief executive Ralph Norris said in a statement. "The strength of our current capital and funding position combined with the strategic value of this transaction makes this an attractive opportunity for the group and its shareholders."
Norris said bank branches would not close as a result of the acquisition.
The purchase is expected to be completed by December, pending the approval of the Australian treasurer and the country's competition watchdog.
Edinburgh-based HBOS PLC has been hit hard by the global credit crisis and is in the process of being taken over in the U.K. by rival bank Lloyds TSB Group.
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