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Article: Australian giant eyes GBP 3bn move for HBOS' antipodean arm
- Article from:
- The Scotsman
- Article date:
- August 19, 2008
- Author:
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Copyright informationCopyright 2008 The Scotsman. Provided by ProQuest LLC. (Hide copyright information)
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COMMONWEALTH Bank of Australia was yesterday linked to a possible
GBP 3 billion swoop for HBOS's BankWest unit as speculation mounts
that the Scots banking giant is running the rule over major asset
sales.
Reports in Australia claimed CBA may offer more than A dollars
6bn (GBP 2.8bn) for the BankWest operation, which last year unveiled
plans to open scores of new branches to challenge the country's big
four, which include CBA and Clydesdale-owner National Australia
Bank.
Citing banking sources, one report said HBOS had appointed Morgan
Stanley to advise on future options for the west Australian-based
lender, estimated to be worth as much as A dollars 7bn.
A spokesman for HBOS declined to ...