Parent Company: Commonwealth Bank of Australia
Brand Value: $1,338 Mil.
Headquarter City: Perth
Year Formed: 1895
Bankwest, formed as the Agricultural Bank of Western Australia as a rural lender to local farmers, became a full-service retail and commercial bank in 1945 as R&I Bank (Rural & Industries), a savings bank in 1956, and in 1994 became the Bank of Western Australia. After having been acquired a number of times during the 90’s and early 2000’s, in 2008 it was bought by Commonwealth Bank for AU$2.1 billion. Today, it offers banking, loans, credit cards and other services. Bankwest has an innovative approach towards providing its customers with unique ways of managing their accounts. In January 2018, Bankwest introduced a wearable payment ring, waterproof to 50m, as a revolution in “contactless payments”. Working just like a contactless card, the ring provides security and a “wow factor” that supports the growing population of cyclists, swimmers, surfers, joggers, and other active Australians.