HBOS's bank in Australia tipped for sale
11 April 2012
Australia Commonwealth Bank is said to be eyeing a A$6 billion (£2.8 billion) takeover of HBOS's BankWest.
The British bank is thought to have been looking to sell off the Aussie unit to help raise capital.
BankWest has seen profits surge 15% over the past year to A$757 million despite expenses soaring by 30% as the banker funds a roll-out of its brand in the eastern states.
HBOS has reportedly appointed Morgan Stanley as an adviser. Commonwealth, which last week ended talks to buy Royal Bank of Scotland's ABN Amro brokerage in Australia, refused to comment.
