What is happening with Lloyds?
HBOS, the owner of Bankwest, has announced that it will merge with Lloyds TSB in the UK. The combination of the two businesses will create a banking giant - the largest bank in the UK, with significant operations around the world, including Australia.
What is Lloyds TSB?
Lloyds TSB is a UK-based international bank with operations in 27 countries and a heritage dating back to 1765. More recently, the bank has expanded through a series of mergers.
What does the merger mean for customers?
Customers will notice very little change and can continue to bank with us as they would normally - accessing the existing range of products and services though our stores, by telephone or online.
What guarantees can you give me about my deposits?
Our company is one of the biggest banks in the world and depositors' money is as safe with Bankwest as it would be with any bank in Australia.
Bankwest is a strong business, fully regulated by the Australian Prudential Regulatory Authority (APRA) with a good capital base and liquidity position.
The acquisition of HBOS (Bankwest's owner) by Lloyds TSB announced today will further strengthen this position. It creates a formidable banking group, providing benefits to customer and colleagues. The combined business has over $800bn in customer deposits and 30 million customers worldwide.
Further, Prime Minister Kevin Rudd has publicly supported the Australian banking system and BankWest, stating he is confident that the regulatory arrangement we have provides certainty for all Australians who are concerned about the financial institutions.
What is BankWest's credit rating?
BankWest's credit rating is A+ (Standard and Poor's)
BankWest's rating is the same or better than other regional banks in Australia.
Other regional banks in Australia have the following credit rating:
Bank of Queensland: BBB+
Elders Rural Bank: BBB
Suncorp-Metway: A+
St George: A+
Members Equity Bank: BBB
Adelaide Bank: BBB+
Bendigo Bank: BBB+
