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 identify 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).
On 19th December 2008 the Commonwealth Bank acquired Bankwest. The Bank is now part of the Commonwealth Bank Group which is one of Australia's leading providers of integrated financial services including retail banking, premium banking, business banking, institutional banking, funds management, superannuation, insurance and investment and share broking.
