Article: Australian giant eyes GBP 3bn move for HBOS' antipodean arm

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 ...

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