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.
Go deeper with GlobalData
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.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
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.
