Commonwealth Bank of Australia buys BankWest

Commonwealth Bank of Australia buys BankWest

Commonwealth Bank of Australia has agreed to buy British bank HBOS's Australian unit BankWest for A$2.1 bln, to boost its market share in fast-growing Western Australia. CBA said it would raise A$2 billion of Tier 1 capital in an institutional placement of securities to help fund the BankWest deal.

Well good on the CBA buying what I always thought was one of Australia's best banks - seams the biggest loser out of the credit crunch is the customer as choice and competition is disappearing out of the market. All we need now is a Crude Oil crisis and Shell and BP can merge funded by the tax payer and they can return billion pound profits.

This is just one big mess -does anyone else feel like they now live in a 3rd world country?

But on a positive note if you are migrating to Australia the Pounds to Australian Dollar exchange rate has rallied yet again today and Australian Dollars trading at 2.5500