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HBOS on course for BankWest

13 April 2012

HALIFAX Bank of Scotland is on course today to win shareholder approval to mop up the 43% of the Bank of Western Australia it does not own.

Proxy votes already in indicate a done deal for HBOS with 85% of shares and 81% of BankWest shareholders in favour of acquisition of the minority stake by Britain's fourth-largest bank by assets.

The offer in May of A$4.25 a share, or A$1bn (£411m) surprised the market, which assumed HBOS wanted to exit BankWest.

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