BOQ Specialist launched out of Investec transaction
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.
Recommended for you
An adviser has received a written reprimand from the Financial Services and Credit Panel after failing to meet his CPD requirements, the panel’s first action since June.
AMP has reported a 61 per cent rise in inflows to its platform, with net cash flow passing $1 billion for the quarter, but superannuation fell back into outflows.
Those large AFSLs are among the groups experiencing the most adviser growth, indicating they are ready to expand following a period of transition and stabilisation after the Hayne royal commission.
The industry can expect to see more partnerships in the retirement income space in the future, enabling firms to progress their innovation, according to a panel.
