(Australia) The sale of BankWest’s remaining shares to UK banking behemoth HBOS has been rubber stamped by the federal court in Perth.Justice Robert French approved two schemes of arrangement allowing HBOS to purchase the 43 percent of shares it did not previously own for A1.05 billion.
Minority shareholders agreed to let HBOS snap up the last of the stock for $4.25 per share.
Meanwhile BankWest is continuing to expand its commercial banking operations in the Western Australian region of Mandurah, 70 kilometres south of Perth, with the opening of a new business centre located next to its Pinjarra Road branch.
Chief executive, Business Solutions, Peter Jackson, said the new centre offered a wide range of professional banking services to all industries across the fast-growing Peel Region.
“There are many new businesses coming into the Peel Region and many existing businesses looking to expand,” he said.
“Our new business centre provides core and specialist banking products and services designed for all business market segments from small business to large corporates.”