BOQ completes $475 million acquisition
Bank of Queensland (BOQ) has completed its acquisition of equipment purchase finance specialist CIT Group in a transaction valued at $475 million.
Completion of the transaction was confirmed by BOQ managing director David Liddy, who said the acquisition of CIT Australia and New Zealand would enable the bank to build on its existing equipment finance business.
Describing it as a “true bolt-on acquisition”, Liddy said the purchase of CIT was in line with the bank’s strategy of expanding via higher-margin businesses that complemented its existing network.
He said BOQ intended to operate the CIT Australia and New Zealand business as a standalone entity that would be rebranded over a transition period to the BOQ brand.
AUTHOR
Mike Taylor
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