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📜 Bank of Western Australia Amendment Bill 2012

Assented toLCBill 27216 May 2012

This Bill amends the Bank of Western Australia Act 1995 to facilitate the transfer of Bankwest's business to the Commonwealth Bank of Australia (CBA) while maintaining certain requirements related to the Bankwest business's presence and operations in Western Australia.

Impact

This affects Bankwest, CBA, their customers, and the WA economy. It ensures Bankwest remains a significant financial institution in WA after the merger, with obligations around local presence and management.

Key Changes

["Allows the transfer of Bankwest's business to CBA, overriding previous restrictions.", "Imposes obligations on the Bankwest owner (CBA or any future owner) to maintain a banking business under the Bankwest name.", "Requires the Bankwest head office to be located in Western Australia.", "Mandates a minimum number of Bankwest points of presence (branches, stores, business centres) in WA for 5 years after the transfer.", "Requires the managing officer of Bankwest to be ordinarily resident in WA."]