Bank of Queensland (BOQ) has secured a key approval for its previously announced acquisition of Members Equity Bank (ME Bank).
The $1.05bn acquisition was green lighted by the Treasurer of the Commonwealth of Australia. This was the only regulatory hurdle precedent to completion of the transaction.
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The transaction is now expected to close on 1 July.
BOQ and ME Bank will continue to operate as separate businesses before completion.
BOQ Group Chairman Patrick Allaway said: “The acquisition of ME Bank is a key step in our strategy to be a compelling alternative to the big banks. It is a defining moment in the transformation of BOQ Group, which will benefit our shareholders, customers and people.”
In February this year, BOQ signed a deal to acquire 100% stake in ME Bank to bolster its retail banking business.
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By GlobalDataCurrently, ME Bank operates as a digital bank and has no brick-and-mortar presence.
BOQ Group managing director and CEO Mr George Frazis said: “The addition of ME Bank to the BOQ Group will further strengthen our multi-brand strategy, deliver material scale, broadly double the size of our Retail bank, and provide us with geographic diversification. We look forward to the ME Bank team formally joining the BOQ Group very soon.”
Once complete, BOQ’s retail bank deposits are expected to soar to A$56bn. The regional lender has more than 160 branches across Australia.
