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 wholly owned subsidiary of HBOS plc, one of the world's largest financial services groups, with assets of about AUD$1,250 billion (£540 billion). Standard & Poors short-term credit rating for BankWest is "A-1+" and "AA-" for the long term, providing customers with investment grade security.
