The World Today - Wednesday, 8 October , 2008 12:10:00 TANYA NOLAN: In what could be a sign of things to come, the Commonwealth Bank has today swallowed up its much smaller rival BankWest for $2-billion. The deal will give the Commonwealth greater market share in Western Australia and access to BankWest's growing retail network on the east coast. The acquisition comes as Australia's big four banks fine tune their plans for consolidation, amid the widening turmoil rocking the global banking system. I'm joined in the studio now by our business editor Peter Ryan. A $2-billion deal is not big bikkies in banking terms, what's so attracted the Commonwealth to BankWest? PETER RYAN: Well Tanya, this has been an open secret in the banking sector for the past few weeks, and this morning the Commonwealth Bank confirmed it was swallowing...
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