In 2003, HBOS had achieved three years of three times sector growth in the UK, through market share growth and cost management. The success had been based on giving customers what they want (market leading products) and driving economies of scale. Australia and Ireland were identified as key markets to continue the growth, leveraging similar strategies.
HBOS bought the Bank of Western Australia, BankWest, in August 2003. Dave Hunt was seconded to develop the Australian Retail growth strategy. The secondment was extended to build the operations and distribution, launch a series of market leading products and manage the bank’s Retail portfolio and marketing.