BOQ confirms acquisition of ME Bank

22 February 2021
| By Mike |
image
image
expand image

Industry funds-owned bank, ME Bank, is being acquired by the Bank of Queensland (BOQ).

BOQ announced to the Australian Securities Exchange (ASX) today that it had entered into an agreement to acquire 100% of Member Equity Bank Limited for a cash consideration of $1.325 billion with the acquisition being funded by an underwritten capital raising.

Confirming the transaction, BOQ chairman, Patrick Allaway said it represented another major step in the bank’s strategy to be the leading customer-centric alternative to the big banks.

The combined group will have pro forma total assets of $88 billion, with total deposits of more than $56 billion.

Completion of the acquisition has been targeted for before the end of BOQ’s 2021 financial year.

ME Bank will remain based in Melbourne and its brand will also be retained.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

GG

So shareholders lose a dividend plus have seen the erosion of value. Qantas decides to clawback remuneration from Alan ...

2 months 1 week ago
Denise Baker

This is why I left my last position. There was no interest in giving the client quality time, it was all about bumping ...

2 months 1 week ago
gonski

So the Hayne Royal Commission has left us with this. What a sad day for the financial planning industry. Clearly most ...

2 months 1 week ago

A Sydney-based financial adviser has been banned from providing financial services in the interest of consumer protection after failing to act on conduct concerns. ...

3 weeks 3 days ago

ASIC has cancelled the AFSL of a $250 million Sydney fund manager, one of two AFSL cancellations announced by the corporate regulator....

3 weeks 1 day ago

Having divested its advice business in August, AMP is undergoing restructuring in at least four other departments amid a cost simplification program....

2 weeks 5 days ago