BankWest revamps wealth management arm
(Australia) BankWest has pointed to renewed optimism in equity markets and expected strong growth in IPOs next year for launching its new wealth management company, BWA Financial Services Ltd.
The bank said the new company would initially focus on Western Australia where the bank currently owns 25 percent of the retail banking market. BankWest is now wholly owned by European banking giant HBOS, whose subsidiary Insight Investment has more than ₤UK 67 billion in assets under management.
BankWest’s revamped offering in the wealth management space follows the sale of the bank’s 50 percent stake in wealth management outfit Plan B back to its original shareholders.
BankWest’s revamped offering in the wealth management space follows the sale of the bank’s 50 percent stake in wealth management outfit Plan B back to its original shareholders.
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