back Back

Bank of Queensland announces acquisition of ME Bank for $1.325bn

By Leandra Monteiro

February 23, 2021

  • Australia
  • Bank Of Queensland Limited
Share

Bank of Queensland, Bank, ME Bank, billion, Equity, Acquisition

Bank of Queensland Limited (BOQ) announced it has entered into an agreement to acquire 100% of Members Equity Bank Limited for cash consideration of $1.325bn. The acquisition will be funded by an underwritten capital raising of $1.35bn.

Chairman Patrick Allaway said, “Today’s announcement is another major step in our strategy to be the leading customer-centric alternative to the big banks. With the addition of the ME Bank business, BOQ now has material scale and a compelling growth platform to support this ambition. The combination of our highly complementary businesses brings together two organisations with a shared purpose and values generating greater value for customers, employees and shareholders.  This is underpinned by the successful revitalisation of the bank since early 2020 with the team’s strong execution capabilities being reflected in our earnings progress to the half.”

Managing Director and CEO Mr George Frazis shared, “This is a defining acquisition in our ongoing transformation of BOQ, benefitting our shareholders, customers, and people. Critically, ME Bank delivers material scale, broadly doubles our Retail bank, and provides geographic diversification. The ME Bank brand is also a great fit with the BOQ and Virgin Money brands, creating customer-centric alternatives in Australia.”

Frazis went on to add, “It is an exciting day to see two strategically and culturally-aligned businesses come together and we look forward to continuing to build ME Bank’s strong brand, accelerate growth and create new opportunities for our people and the Group. We are on track with our strategic transformation and we anticipate that the combination of the two businesses will enable us to accelerate our digital strategy towards a cloud based common digital Retail bank technology platform”.

Completion of the acquisition is targeted before the end of BOQ’s 2021 financial year, subject to regulatory approval pursuant to the Financial Sector (Shareholdings) Act 1998 (Cth).

 

Previous Article

February 23, 2021

Borrowell secures $25 mn & completes Refresh Financial’s acquisition

Read More
Next Article

February 23, 2021

Mastercard’s Open Banking Connect enabled for Lloyd’s credit card holders

Read More








IBSi Daily News Analysis

March 22, 2024

Australia

Industry experts stress modernization, sustainability, and AI as cornerstones for future of corporate banking, Finastra study shows

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

March 27, 2024

Alaan and Visa to digitise expense management in UAE & KSA

Read More

March 26, 2024

LHV Bank launches personal savings product on Hargreaves Lansdown

Read More

March 26, 2024

Weel, Nium and Visa team to accelerate global payment offerings

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q4 2023
Know More
Wealth Management & Private Banking Systems Report Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2023
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023