Investec Bank (Australia) has agreed to sell its Professional Finance business to Bank of Queensland (BOQ).
Investec announced the move today, saying its parent company Investec Holdings (Australia) had entered into a definitive agreement with BOQ to sell its Professional Finance business which includes its deposits business and its asset finance and leasing businesses in Australia.
Investec said that following the sale, it would cease to own an Australian Deposit-taking Institution (ADI) but would retain a significant business in Australia focusing on its core strengths across corporate and institutional banking, property funds management and investment banking.
The businesses are being sold as a going concern with a total team of over 310 people transferring to BOQ.
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