Tuesday October 7, 2008, 7:21 pm Commonwealth Bank of Australia Ltd (CBA) has begun exclusive negotiations with troubled HBOS Plc to buy its Australian retail banking arm BankWest. The nation's biggest mortgage lender confirmed on Tuesday it was in talks with HBOS, just five days after saying it did not have an offer on the table. "Whilst discussions are continuing, the parties have not reached agreement," CBA said in a statement on Tuesday. A CBA acquisition of BankWest, which could cost as much as $4 billion, would create a bigger bank than a combined Westpac Banking Corporation-St George Bank Ltd. Westpac's $17.3 billion takeover bid for St George, based on Tuesday's closing share price, was approved by the Australian Competition and Consumer Commission (ACCC) in August. A HBOS acquisition will also give CBA the biggest...
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