The Bank of Queensland (BOQ) has announced it is pursuing a merger with Bendigo Bank.
The BOQ said it would be pursuing the merger via a scheme of arrangement, with Bendigo Bank shareholders being offered an upfront premium of 25 per cent on a one-month arrangement through a combination of cash and shares.
Under the arrangement, BOQ shareholders would own 60 per cent of the merged company.
The merged entity would boast 575 branches throughout Australia, ranking it one of the nation’s largest retail banks.
