The Federal Government has given the go ahead for the Commonwealth Bank of Australia's (CBA) acquisition of BankWest and St Andrew's Australia from HBOS.
Treasurer Wayne Swan approved the acquisition late yesterday.
"We are delighted to receive the Treasurer's approval as the way is now open for the group to finalise the acquisition of these quality businesses," CBA chief executive Ralph Norris said.
"Acquisition allows the Commonwealth Bank to further develop its business in the fast-growing Western Australian market and deliver additional growth opportunities in key market segments."
As well as responding to Swan's approval, Norris took the opportunity to inform the market of BankWest's new managing director.
He said former CBA staffer Jon Sutton will take on the role post acquisition.
Sutton joins Bankwest from the Commonwealth Bank where he most recently held the position of executive general manager agribusiness.
The approval by the Treasurer means the acquisition of Bankwest and St Andrew's is now expected to be completed today.
