Bank of Queensland (BOQ) has confirmed its completion of the purchase of Investec Bank (Australia) Limited’s Professional Finance and Asset Finance & Leasing businesses, announced earlier this year.
Confirming completion of the transaction to the Australian Securities Exchange today, BOQ managing director and chief executive, Stuart Grimshaw said the acquisition represented a strong fit with the bank’s strategy and would bring diversification and scale benefits.
“The acquisition provides BOQ with a leading position in attractive specialist segments and materially increases the size and footprint of our Business Bank, providing further diversification by geography and industry sector,” he said
The ASX announcement said completion of the acquisition followed a successful $400 million capital raising by BOQ in May, along with finalisation of a number of other conditions precedent including regulatory approvals.
BOQ also unveiled 'BOQ Specialist’ as the new name of the Professional Finance business which would be headed by Barry Lanesman and will operate as a separate division of BOQ’s Business Bank.
