Oh great! The Commonwealth Bank of Australia has bought BankWest of Western Australia from the failed British bank HBOS. That's all we need - more concentration in bank services, i.e. less competition. Not a bad purchased for them because its great exposure to the strongest regional economy. The $A is down 30% offsetting commodity price falls. With all that business investment flooding into WA, there must be some opportunities there for banks.
This acquisition of course follows on from Westpac's acquisition of St George Bank.
Such good fortune could not have happened to a nicer group of people than CBA.
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Andrew Sheldon www.sheldonthinks.com
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