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Bankwest set to operate under CBA licence

Sydney Morning Herald         May 15, 2012

A group of unhappy Bankwest customers head to Canberra to call for an inquiry.

Treasurer Christian Porter said there would be costs to Bankwest customers if the amendments were not made.

The West Australian government will introduce legislation tomorrow allowing Bankwest to operate under the same licence as its parent company.

The legislation is designed to let Bankwest and the Commonwealth Bank, which has owned Bankwest since 2008, function under one banking licence in line with federal regulations.

If Bankwest does not operate under the same banking licence as CBA, it must raise funds under its own Authorised Deposit-taking Institution licence.

However, any change to allow Bankwest to operate under the CBA's ADI licence means amendments must be made to the Bank of WA Act 1995 in Parliament.

Treasurer Christian Porter said there would be costs to Bankwest customers if the amendments were not made.

"Given the potential impact on the Western Australian community and small businesses, the government has to make the necessary minor changes to the legislation," he said.

Mr Porter said key commitments in the existing legislation would be updated, including pledges to keep the scale of Bankwest's business at June 2011 levels and maintain the head office and management in WA.

For at least five years, Bankwest must also maintain a specified minimum number of branches and business centres in WA, maintain four senior officers in addition to the managing director, and maintain Bankwest sponsorship and community support activities in the state.

AAP

Last modified onTuesday, 28 May 2013 05:58

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