Bankwest and St Andrew's officially became one with the Commonwealth Bank of Australia (CBA) on Friday 19 December 2008.
Bankwest will continue to operate as a standalone business, whilst maintaining and growing the Bankwest brand and business under CBA's ownership.
With the acquisition comes a new Board for Bankwest effective as of 19 December and comprising;
Ian Mackenzie - Chairman
Brian Jamieson - Independent Director
Jenny Seabrook - Independent Director
Garry Mackrell - Group Executive, International Financial Services
Jon Sutton - Managing Director Bankwest
Sue Wilson - Bankwest General Counsel
When did HBOS plc complete the deal with CBA?
Completion of the acquisition occurred Friday 19 December and Bankwest, St Andrews, and CBA officially came together as a Group on Monday 22 December.
Will you be closing any branches?
There are no plans to close any Retail branches. We will continue to review our branch locations and where circumstances change or customer preferences shift, branches may change.
Will your store opening hours change?
There will be no change to our opening hours as a result of the transition.
Will you still be rolling out new East Coast branches and refurbishing WA branches?
All store rollouts for the end of 2008 and beginning of 2009 will go ahead. The size and shape of our future expansion will be determined in due course following a review of our strategy.
Will Bankwest continue to challenge the major banks in Australia?
Yes. Bankwest will continue to operate as a separate business and challenger brand in the Australian financial services market with its own Board and Management structure.
Will you compete as hard with CBA for new customers as you do today?
Yes. Bankwest will continue to operate as a separate business and challenger brand in the Australian financial services market with its own Board and Management structure.
I am a Bankwest customer and want to know if I can use Commonwealth Bank (CBA) ATM's free of charge?
Both Bankwest and Commonwealth Bank customers will be able to use each other's ATMs without paying additional fees following the completion of the necessary systems work in early March 2009. Until this date all existing arrangements will continue.
Will I be able to use Bankwest/CBA branches following completion of the transaction and vice versa?
There are no immediate plans for any changes to the way personal customers access their accounts. Bankwest and CBA retail branches will operate independently of each other.
Business customers will be able to deposit cheques and cash into business accounts at CBA branches in all states except WA (in light of Bankwest's existing branch network in WA). Customers can use either the Quick Deposit Box Facility or over the counter service as of Day 1 provided they have the required MICR encoded deposit slips.
Will any Bankwest products be changing?
No. As separate businesses, Bankwest & CBA will continue to sell, service and make product and pricing decisions independently of one another.
What will happen to interest rates and fees following transition to CBA?
As separate businesses, Bankwest & CBA will continue to sell, service and make product and pricing decisions independently of one another.
Will I be contacted by CBA and Bankwest in the future?
As separate businesses, Bankwest & CBA will continue to sell, service and make product and pricing decisions independently. If you are a customer of both institutions, you will need to keep your contact preferences updated at each bank.
Why do I have to wait for a CBA cheque to clear as you are now owned by the same company?
Although we are now owned by CBA, Bankwest continues to operate as an independent business under its own banking licence. As is the case now, for a fee, you can request a special clearance for any urgent cheques.
Will I still have to pay fees for transferring funds between CBA and Bankwest accounts?
Yes. As separate businesses, Bankwest & CBA will continue to sell, service and make product and pricing decisions independently of one another. We would be happy to talk to you about ways of getting a better deal with your accounts.
As a CBA customer, will I be able to get Bankwest products at a discount?
No. As separate businesses, Bankwest & CBA will continue to sell, service and make product and pricing decisions independently of one another.
