BOQ completes St Andrews acquisition
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Bank of Queensland (BOQ) has completed its transaction acquiring St Andrews Insurance (Australia) Pty Ltd and St Andrews Life Insurance Pty Ltd as a result of the Commonwealth Bank’s acquisition of BankWest in 2008.
BOQ managing director David Liddy described the acquisition as having been ‘capital light’ because at $45 million, it required capital equivalent to less than half a year of organic growth.
He said BOQ would operate the business as a standalone entity and would maintain the St Andrews Insurance Perth-based headquarters.
Liddy said the St Andrews executive team would remain and had moved across to BOQ, with St Andrews chief executive Renato Mazza joining BOQ but continuing to operate the St Andrews business independently of the broader bank.
The Commonwealth Bank has confirmed completion of the transaction but pointed out that it did not cover St Andrew’s investments, superannuation, retirement income and financial planning businesses.
AUTHOR
Mike Taylor
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