St Andrew’s transfers to Commonwealth Bank in HBOS deal
The Commonwealth Bank (CBA) has acquired life insurance and wealth management business St Andrew’s Australia in its $2.1 billion deal to buy BankWest from HBOS.
HBOS International Chief Executive Colin Matthew says BankWest and St Andrew’s are “great franchises”.
“Our decision to sell the business was not taken lightly,” he said. “Nevertheless, the capital and funding benefits for us are significant.”
The CBA says the St Andrew’s product range is complementary to its existing wealth management business.
HBOS International Chief Executive Colin Matthew says BankWest and St Andrew’s are “great franchises”.
“Our decision to sell the business was not taken lightly,” he said. “Nevertheless, the capital and funding benefits for us are significant.”
The CBA says the St Andrew’s product range is complementary to its existing wealth management business.