Comment on proposed privatisation of BankWest

10/11/94

Premier Richard Court says the State Government will not be pressured on the privatisation of BankWest.

Mr Court, commenting on today's announcement by Challenge Bank, said the Government, as shareholder, would seek advice from the Board of BankWest on the proposal.

However, it appeared that the proposal was not new and had been the subject of study by the Board and the Government.

"We are currently working on advice received from the board and a number of professional organisations to determine the preferred process of privatisation," Mr Court said. 

"At the appropriate time, which is when the legislation is introduced into Parliament, the process will be fully explained and interested parties such as Challenge Bank can act as they think appropriate. 

"BankWest has undergone successful major reforms, is trading strongly and the Government will act conservatively with any of its dealings with Western Australia's most important financial institution."