Sydney - The Commonwealth Bank of Australia said Wednesday it would buy BankWest and St Andrew's Australia from troubled British-based parent HBOS plc for 2.1 billion Australian dollars (1.47 billion US dollars).

Commonwealth Bank chief executive Ralph Norris said the purchase from HBOS offered rare value.

"The strength of our current capital and funding position combined with the strategic value of this transaction makes this an attractive opportunity for the group and its shareholders," Norris said.

St Andrew's is HBOS Australia's wealth management business.

Commonwealth also confirmed market talk it was eyeing Queensland-based banker-insurer Suncorp-Metway.

If the acquisition were successful, Commonwealth would emerge as the biggest bank.

HBOS plc is being taken over in the United Kingdom by rival bank Lloyds TSB Group. (dpa)