(Australia) HBOS has told BankWest that it must develop “interstate strategies” once it has completed its take-over of the West Australian bank, according to a report in The Australian.Speaking from Perth, HBOS chief executive of corporate banking George Mitchell told the paper the bank planned to ‘make BankWest a bigger and stronger player both in Western Australia and in the other states’.
Mitchell is in Australia to oversee HBOS’s buyout of BankWest’s minority shares, which have been valued at $4.25 a share.
A shareholders meeting will take place on August 18 with HBOS requiring 50 percent of minority shareholders’ approval and 75 percent of the minority stock by value, for the deal to be resolved.