BankWest continues to roll out new branches despite the proposed acquisition of its parent company HBOS.
The BankWest roll-out of 50 new Victorian branches will continue despite the proposed acquisition of the bank's parent company, Halifax Bank of Scotland (HBOS), by Lloyds TSB, a spokesperson for BankWest confirmed.
The bank issued a statement yesterday saying it continues to operate as normal.
"Developments overnight regarding a possible merger between HBOS and Lloyds TSB are matters that are being managed from the UK," BankWest said. "HBOS Australia, including BankWest, continues business as usual."
However, the proposed acquisition of HBOS, a transaction valued at £12 billion, is not expected to conclude before the end of the year, and any strategic changes for BankWest are unlikely to take place before then.
The proposed takeover has reignited rumours about a possible sale of BankWest.
HBOS has never officially said its Australian operations - which include St Andrew's Insurance and asset finance firm Capital Finance - are up for sale. But the bank is known to have hired Morgan Stanley to hold preliminary talks with Commonwealth Bank of Australia (CBA) and National Bank of Australia (NAB) to explore its options.
Some analysts argue a sale is less likely now, because Lloyds would look to profit from the strong Australian economy.
Morningstar analyst David Walker said CBA would be the most likely buyer, if BankWest comes up for sale.
"NAB is not in a position to [buy] at the moment, because of their CDO exposure and Westpac is tied up in the merger with St George. CBA is the most likely candidate, but who knows if they want it?" Walker said.
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