Banks.com.au - Australian Banking, Finance and Investments

BankWest is the more popular name of the Bank of Western Australia, a well-respected company in the industry of banking and finance in the country. It is a private firm with a main office located in Perth, Western Australia. It has a recorded revenue of $552 million AUD, providing financial services to nearly 660,000 clients through its network of branches and offices scattered in various Australian states.

Being a complete service bank, BankWest actively participates in all the segments of the financial market with various lending services and products. It has a wide selection of loan programs for personal, commercial, and housing purposes. Moreover, the company offers deposit products that cater to the preference of its customers.

Its nearly 25% share in the entire bank advances and deposits make BankWest a certified leader of the state's financial market. It is also known for its fast and easy services through the well-linked agencies, branches, and banking facilities using the Internet and other electronic media. Furthermore, its 24-hour service through telephone and the Internet makes banking more convenient for its clients.

Over the years, BankWest has effectively promoted and distributed their products even in the markets of interstates. Such accomplishment became possible through the distribution channels, affinity associates, and financial brokers. This has led to interstate growth mainly assisted by the bank's offices located in different Australian states such as Sydney, Melbourne, Brisbane, and Adelaide. As of the last month of 2003, it has been recorded that 48.8% of the entire loan amount are lent to the interstate markets.

Just recently, in July 12, 2007, BankWest has launched a significant program to bring the industry of banking to a higher level. The firm called it "Banking Refresh." This project includes the introduction and opening of 160 branches in the next several years. These branches are expected to open in New South Wales, Queensland, and Victoria.

History

BankWest started in 1895 with the name Agricultural Bank of Western Australia, a lending institution established by the Western Australia's state government. Basically, it was founded to lend money to the farmers in support for the agriculture industry. No deposit for the loan was collected from the public then. Instead, the bank used the government bonds as liabilities.

Half a century later in 1945, the agricultural bank became a full-fledged commercial bank that later changed its name to Rural and Industries Bank of Western Australia, also known as R&I Bank. Since then, the firm continued to grow, extending its operations both for commercial and retail banking all over the Western Australian state.

In 1994, four years after its incorporation, R&I Bank adopted a new name, the Bank of Western Australia Limited, commonly known as BankWest. Such move was part of the preparation for the company's privatization, which took place in 1995. The Bank of Scotland bought BankWest with a certain percentage of its shares offered to the public as concurred in the sale agreement. After a year, the shares of the BankWest were subsequently listed on the Australian Stock Exchange.

In 2001, the Bank of Scotland merged with a UK financial firm known as Halifax Group. The two institutions formed a bigger company named HBOS plc. The HBOS acquired all of the BankWest's major shares, making it an entirely owned subsidiary.

Overview of Products and Services

BankWest offers two major divisions of products and services: personal and business.

Personal

Under the personal products and services, BankWest provides home loans, credit cards, personal loans, savings and investments, transactions, insurance, and online banking.

• Home Loan. With BankWest, the client's dream of owning a house to shelter him and his family is as easy as choosing among the Lite, Equity Access, and Senior Equity Release. Each plan is set with affordable rates and payment conditions.
• Credit Cards. Acquiring credit cards with BankWest is very rewarding. In fact, more Australians are getting bigger rewards with BankWest Master Card than any other financial products. With BankWest, clients can have various options for credit cards to choose from.
• Personal Loans. BankWest fully understands its client's great needs and demands for personal belongings such as car and household improvements. Thus, personal loans are made accessible in unsecured and secured plans to provide clients with great selection of loan programs.
• Savings and Investment. Clients have varying needs and qualifications. Having these in mind, BankWest has designed special accounts with features like no other. Its savings and investment plans have highly competitive rates with no account fees.
• Transaction Accounts. With its Lite Transaction and Debit Card, BankWest is a one-stop shop for a client's transaction accounts. Besides being convenient and flexible, transaction accounts require very low charges as well.
• Insurance. Clients and their families can definitely be secured once they have acquired any of the BankWest Insurance plans: Life, Travel, and Credit Card Protection. These plans have the widest insurance coverage with minimal requirements.
• Online Banking. Widely known for its online banking, BankWest provides 24-hour services through the Net without the inconvenience of complicated instructions. Banking online services are easy to follow and understand.

Business

Commercial banking has never been as easy as the ones offered by BankWest. The firm offers business accounts, business loans, and online business banking both to local and international institutions.

• Business Accounts. With choices of Bonus Account, Cheque Account, and TeleNet Saver, businesses can definitely get the satisfaction they need in a financial institution. Management of cash and transactions are provided in easy ways so that clients will not be burdened with their everyday banking.
• Business Loans. BankWest is fully committed in providing financial assistance to entrepreneurs faced with monetary needs. The bank offers Edge Loan, LowDoc Loan, and Equity Line. Each program has features that the client's resources will definitely not miss to afford.
• Online Business Banking. BankWest made business banking just several clicks away from the clients. Hence, customers can manage their financial affairs anywhere they may go. Online processes are simple and fraud-free with the use of programs that are Internet-based and security measures that are carefully installed and activated.