Treasurer approves ME Bank acquisition



The Bank of Queensland (BOQ) has received approval from the Treasurer for its acquisition of ME Bank, which will continue to operate with its own brand.
BOQ would acquire 100% of ME Bank with the acquisition expected to be completed by 1 July, 2021.
Prior to completion, BOQ and ME Bank would continue to operate as separate businesses with no immediate changes expected for customers of either business.
If completion of the acquisition does occur on 1 July, 2021, BOQ’s FY21 financial results would incorporate earnings from ME Bank for the period 1 July, 2021, to 31 August, 2021.
BOQ’s current market guidance communicated with the 1H21 financial results excluded the impact of these earnings.
Adam Crane, ME Bank chief executive, said on a day-to-day basis it would be business as usual for ME customers.
“There will be no change to customers’ accounts or arrangements, nor the way they normally interact with ME Bank,” Crane said.
“Being part of the BOQ Group will help us deliver on our purpose, ‘helping all Australians get ahead’.
“As home-grown banks, BOQ and ME are a natural fit, culturally aligned and offer a genuine alternative to the big banks. Importantly, we share common values and a customer-first ethos.”
Patrick Allaway, BOQ Group chair, said the acquisition was a key step in BOQ’s strategy to be an alternative to the big banks.
“It is a defining moment in the transformation of BOQ Group, which will benefit our shareholders, customers and people,” Allaway said.
George Frazis, BOQ group managing director and chief executive, said “The addition of ME Bank to the BOQ Group will further strengthen our multi-brand strategy, deliver material scale, broadly double the size of our Retail bank, and provide us with geographic diversification”.
Recommended for you
Results are out for the latest sitting of the ASIC financial advice exam, with the pass rate falling for the second consecutive sitting.
Adviser losses for the end of June have come in 143 per cent higher than the same period last year, and bring the total June loss to over 350.
ASIC’s enforcement action is having an active start to the new financial year, banning a former Queensland financial adviser for 10 years in relation to fees for no service conduct.
ASIC has confirmed the industry funding levy for the 2024–25 financial year, and how much licensees can expect to pay.