Bank of Western Australia float

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The Independent Online
ank of Western Australia float

Bank of Western Australia (BankWest), which was bought by the Bank of Scotland for A$900m in September, said offers for the float of 49 per cent of the Perth-based bank are expected to open on 8 January. Standard & Poor's, the rating agency, lowered its long and short-term ratings of Bank of Scotland debt by one notch due to the impact of the purchase on the bank's capital. Despite this, Bank of Scotland's shares rose 13p to 285p.