BankWest makes hay under HBOS
BankWest has seen a lift in business since being acquired by HBOS last August. Fears expressed by small shareholders and customers about a deterioration in service have proved unfounded as HBOS seeks to position BankWest to rival the Big Four. Products have been culled with savings accounts and almost 20 credit card products discontinued in a bid to simplify its offerings. The focus has shifted from lending to the “under-competed” savings and deposits account market. Retail deposits grew 15 per cent to $12 billion last year. An ad campaign directly comparing BankWest's products with other banks' has been credited with much of the success. Its Lite MasterCard with low rates and fees and no loyalty program has driven BankWest's 4 per cent gain in the WA credit card market over the past 18 months.