Bankwest
Bankwest is an Australian digital banking brand owned by Commonwealth Bank of Australia, with roots in a Western Australian government agricultural lender established in 1895.
Last updated August 26, 2026
AI crawler reads
No AI crawler has read this profile since Oct 28, 2026.
Overview
Bankwest is an Australian banking brand headquartered in Perth, Western Australia. Its institutional origins date to 1895, when the Government of Western Australia established the Agricultural Bank of Western Australia to provide credit to farmers and support the development of the state’s agricultural economy. The original institution was not a conventional deposit-taking bank: it operated as a government lending instrument whose liabilities were backed by government bonds and whose lending was directed primarily toward farmers. The institution changed substantially after the Rural and Industries Bank Act 1944. From 1 October 1945 it operated as the Rural and Industries Bank of Western Australia, becoming a full trading bank with the ability to expand into retail and commercial banking. It became a savings bank in 1956 and broadened its financial-services presence through investments and acquisitions, including interests in Perpetual Finance Corporation and Town & Country Permanent Building Society. During the 1980s it expanded beyond Western Australia, opening its first interstate branch in Sydney in 1985 and developing a national banking strategy. The organisation was incorporated in 1990 and adopted the Bank of Western Australia legal identity with Bankwest as its trading name in 1994, in preparation for privatisation. The Bank of Scotland acquired it in December 1995. A public share offering followed, and Bankwest was listed on the Australian Securities Exchange in February 1996. It subsequently became part of the HBOS group after the 2001 merger of Bank of Scotland and Halifax. HBOS later acquired the shares it did not already own, resulting in Bankwest’s delisting in 2003. Bankwest pursued growth in business banking and specialist lending during the 2000s. In 2003 it acquired API Finance from Australian Pharmaceutical Industries for A$300 million, supporting a strategy focused on industry-specialised business lending. The global financial crisis changed the ownership structure. In 2008, Lloyds TSB acquired HBOS and subsequently agreed to sell Bankwest to Commonwealth Bank of Australia for A$2.1 billion. The transaction was completed in December 2008, making Bankwest a wholly owned Commonwealth Bank subsidiary and ending its period under the HBOS group. Following the acquisition, Bankwest’s business banking activities were closed and customers were transferred to Commonwealth Bank, a move that prompted a Senate inquiry. In 2022, Bankwest announced that it would stop offering business products and services and progressively move existing business customers to Commonwealth Bank. The brand thereafter concentrated on consumer banking and home lending, supported by digital channels and a broker-oriented distribution model. Bankwest’s physical network has been progressively reduced as customer activity shifted online. In 2018 it announced the closure of 29 branches in New South Wales, Victoria and Queensland. All east-coast branches were closed in October 2022. In March 2024 Bankwest announced that its remaining Western Australian branches and ATMs would also close by the end of that year. Fifteen regional locations were planned for conversion into Commonwealth Bank branches, while the other 45 were to close. Customers were directed toward online banking, other banks’ ATMs and Australia Post for selected cash services. The resulting brand proposition is that of an Australia-focused digital bank operating within the Commonwealth Bank group. Its app includes virtual cards, transaction-management tools and features for identifying recurring subscriptions. Bankwest has also emphasised accessibility in its online experiences and has maintained a significant mortgage-broker proposition. Its historical identity remains closely connected to Western Australia, even as its operating model has shifted from a branch-based regional bank to an online-only banking brand.
History
Bankwest began in 1895 as the Agricultural Bank of Western Australia, created by the state government to provide agricultural credit. It was designed to support farmers rather than operate as a general public bank: it did not accept deposits and its liabilities were represented by government bonds. This institutional role reflected Western Australia’s need to develop its rural economy and provide finance where private banking capacity was limited. The Rural and Industries Bank Act 1944 transformed the organisation. On 1 October 1945 it became the Rural and Industries Bank of Western Australia and gained the status of a full trading bank. This enabled it to offer broader retail and commercial banking services across the state. It became a savings bank in 1956 and continued to build a wider financial-services platform. Its investments included a 45 percent holding in Perpetual Finance Corporation in 1973, which had risen to full ownership by 1978, as well as a major holding in Town & Country Permanent Building Society. Expansion beyond Western Australia accelerated in the 1980s. The first interstate branch opened in Sydney in 1985. The organisation also acquired or supported specialist financial entities, including the Primary Industry Bank of Australia, which became a subsidiary in 1987. In the same year it took over the Teachers’ Credit Society in a bailout. Its headquarters moved to 108 St Georges Terrace in Perth in 1988. The bank was incorporated in 1990 and adopted the Bank of Western Australia legal name, trading as Bankwest, in 1994. The change formed part of the preparation for privatisation. In December 1995 the Bank of Scotland acquired the institution, while an offering made 49 percent of the shares available to the public. Bankwest was listed on the Australian Securities Exchange in February 1996. Bank of Scotland later merged with Halifax to form HBOS in 2001. HBOS acquired the remaining shares in 2003, and Bankwest was subsequently removed from the ASX. During the early 2000s Bankwest developed specialist business-lending capabilities. In 2003 it bought API Finance from Australian Pharmaceutical Industries for A$300 million, a transaction associated with the bank’s industry-specialisation strategy. Bankwest also planned a headquarters move from 108 St Georges Terrace to 300 Murray Street. Although announced in 2006, the move was delayed until September 2012. The 2008 financial crisis led to another ownership change. Lloyds TSB acquired HBOS in September 2008, and in October agreed to sell Bankwest to Commonwealth Bank of Australia for A$2.1 billion. Completion occurred in December 2008. Bankwest became a Commonwealth Bank subsidiary, and its business-banking operation was subsequently closed, with customers transferred to Commonwealth Bank. The treatment of some business customers led to a Senate inquiry. Bankwest then increasingly focused on consumer banking, residential lending and digital services within the Commonwealth Bank group. In 2018 it announced closures affecting 29 branches across New South Wales, Victoria and Queensland, attributing the decision to customers’ growing preference for online banking. The east-coast branch network was fully closed in October 2022. In February 2022 the brand announced that it would cease offering business products and services and move existing business customers to Commonwealth Bank. In March 2024 Bankwest announced the closure of its remaining Western Australian branches and ATMs by the end of that year. Fifteen regional branches were to become Commonwealth Bank branches and 45 were to close. This marked the completion of the brand’s transition to an online-only model. Bankwest’s digital proposition includes mobile banking, virtual cards, transaction tools and subscription monitoring. The bank has also promoted accessible online design and a broker-focused home-lending proposition. Its historical regional-bank identity therefore coexists with a contemporary role as a digital consumer-banking brand operating under Commonwealth Bank ownership.
- 2024
Transition to online-only banking
[1]Bankwest announced that all remaining branches and ATMs would close by the end of the year, with selected branches converted to Commonwealth Bank locations.
- 2022
Business banking discontinued
[1]Bankwest announced the planned withdrawal of business products and the transfer of existing business customers to Commonwealth Bank.
- 2008
Acquired by Commonwealth Bank
[1]Commonwealth Bank purchased Bankwest from the Lloyds group for A$2.1 billion, with completion in December.
- 2003
Acquired API Finance
[1]Bankwest acquired API Finance from Australian Pharmaceutical Industries for A$300 million to expand specialist business lending.
- 1996
Listed on the ASX
[1]Bankwest shares began trading publicly on the Australian Securities Exchange.
- 1995
Acquired by Bank of Scotland
[1]Bank of Scotland acquired Bankwest as part of the institution’s privatisation.
- 1994
Bankwest trading name introduced
[1]The Bank of Western Australia adopted Bankwest as its trading name.
- 1990
Bank incorporated
[1]The organisation was incorporated ahead of its later privatisation and rebranding.
- 1985
Opened its first interstate branch
[1]The first branch outside Western Australia opened in Sydney.
- 1956
Became a savings bank
[1]The bank expanded its institutional role by becoming a savings bank.
Products and positioning
An Australia-focused digital banking brand within the Commonwealth Bank group, with particular strength in consumer banking, home lending, online account management and broker-distributed mortgages.
Retail banking
Home lending
Home loans became a central part of Bankwest’s consumer-focused proposition after the brand’s business-banking operations were moved into Commonwealth Bank. Bankwest has also maintained a strong mortgage-broker channel, allowing residential lending to be distributed through intermediaries as well as digital customer journeys.
Deposits
Everyday and savings accounts
Bankwest offers consumer deposit and transaction banking through digital channels. These accounts are managed through online banking and the mobile application rather than a traditional branch network following the completion of its digital-only transition.
Payments
Cards
Bankwest’s consumer card proposition includes debit and other payment-card functionality supported by digital account management. The mobile app includes virtual-card capabilities, enabling customers to manage payment credentials in a digital environment.
Digital banking
Digital banking app
The Bankwest app provides tools for viewing transactions, managing finances and using virtual cards. It also includes a feature for identifying recurring payments and subscriptions. Bankwest has stated that its online experiences are designed with accessibility standards in mind.
Marketing campaigns
- 2018Bankwest Stadium naming-rights sponsorship
New South Wales · Australia
Bankwest signed a seven-year naming-rights agreement for Western Sydney Stadium, giving the bank prominent visibility in Western Sydney and associating the brand with a major sporting and entertainment venue.
Outcome. After three years, Commonwealth Bank took over the agreement and the venue was renamed CommBank Stadium.
- 2004Fremantle Football Club naming-rights sponsorship
Western Australia · Australia
Bankwest served as naming-rights sponsor of Fremantle Football Club during 2004 and 2005, linking the brand to a prominent Western Australian sporting institution.
Outcome. The sponsorship ended after the 2005 season.
Brand decisions
2024
Completion of digital-only transitionStrategyBackground
Bankwest reported that customers were increasingly choosing online banking, following earlier closures of its east-coast branches.
Action taken
The bank announced the closure of its remaining 60 Western Australian branches and ATMs by the end of 2024, with 15 branches converted to Commonwealth Bank sites and 45 closed.
Aftermath
Bankwest became an online-only banking brand, with customers directed to digital channels, other banks’ ATMs and Australia Post for selected cash services.
2022
Withdrawal from business bankingStrategyBackground
Bankwest’s strategy increasingly centred on consumer banking and digital channels within the Commonwealth Bank group.
Action taken
The brand announced that it would stop offering business products and services and progressively transfer existing business customers to Commonwealth Bank.
Aftermath
Bankwest’s operating focus narrowed toward consumer banking, home lending and digital services.
2008
Sale of Bankwest to Commonwealth BankM&ABackground
Bankwest was included in the HBOS business acquired by Lloyds TSB during the global financial crisis. Lloyds subsequently agreed to sell Bankwest to Commonwealth Bank.
Action taken
Commonwealth Bank acquired Bankwest for A$2.1 billion, with the transaction completed in December 2008.
Aftermath
Bankwest became a Commonwealth Bank subsidiary. Its business-banking operation was later closed and its customers were transferred to Commonwealth Bank.
Acquisition price. A$2.1 billion (Announced and completed in 2008)
Recent events
Bankwest launches campaign for visual terms and conditions[2]
Reported:
Bankwest launched a national brand campaign for its visual-style terms and conditions, developed for the Easy Transaction Account.
- Unconfirmed
Bankwest announces Rebecca Mitchell as incoming CIO[3]
Bankwest said chief operating officer Rebecca Mitchell is set to move into the chief information officer role.
Sources3 sources
Cite this profile: Cite the canonical profile. /brand-wiki/bankwest · Editorial policy · How profiles are compiled