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
Recommended for you
Retail investment into private credit funds could surpass that of sophisticated investors, according to ASIC, but the regulator admits it is unsure how and where these individuals are first being introduced to the vehicles.
With the high cost of advice keeping young Australians locked out of advice, a fintech provider has said digital advice is key for licensees to capture this unadvised demographic.
ASIC chair Joe Longo has announced he will step down at the end of his term, departing the corporate regulator in May 2026.
When it comes to the phase-out of AT1 bonds, Schroders fixed income manager Helen Mason has urged financial advisers to sell up sooner rather than later or risk capital losses.
