03/11/2008 - 10:44

Calls for alternative BankWest buyer

03/11/2008 - 10:44

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Consumer watchdog Choice has today launched a campaign to find an alternative buyer for BankWest, which has accepted a $2.1 billion takeover from the Commonwealth Bank of Australia.

Consumer watchdog Choice has today launched a campaign to find an alternative buyer for BankWest, which has accepted a $2.1 billion takeover from the Commonwealth Bank of Australia.

A three-day advertising campaign was due to have started today in The Australian newspaper, however the advertisements have been pulled for unknown legal reasons, Choice spokesperson Christopher Zinn told ABC720 this morning.

He said BankWest provides crucial competition to the big four banks, and the acquisition will restrict that between the banks.

Meanwhile, Bloomberg has reported that BankWest parent HBOS plc, which has agreed to a takeover by British bank Lloyds TSB, could have another suitor in the wings.

The new suitor is understood to be one of the world's biggest financial institutions, which has reportedly made enquiries.

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