Commonwealth Bank buys 2 Australian units of HBOS

HONG KONG (MarketWatch) -- The Commonwealth Bank of Australia Wednesday said it has acquired the Bank of Western Australia, or BankWest, and St Andrews's Australia Pty from U.K.'s HBOS Plc. for A$2.1 billion ($1.5 billion). The Australian lender said the purchase strengthens its competitive position in the fast-growing Western Australian market.

The purchase agreement doesn't extend to HBOS's other Australian businesses such as Capital Finance Australia, BOS International (Australia) and HBOS's treasury operations in Australia, it added. Trading in CBA shares will be halted in Sydney on Wednesday and Thursday, pending a A$2 billion placement of securities, whose proceeds will be used to fund the acquisition. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move.

Visit MarketWatch.com for more information on this news.. Wed Oct 2008 11:10 (3 months ago)
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