BOQ terminates sale of St Andrews to Freedom

The sale of St Andrew’s Insurance to Freedom Insurance Group is off.

The Bank of Queensland has announced to the Australian Securities Exchange (ASX) that the agreement to sell St Andrew’s to Freedom has been terminated.

It said the decision to terminate was mutually agreed with Freedom after it became clear that the conditions of the transaction would not be satisfied within the time limited contained in the sale agreement.

Bank of Queensland said that following the termination of the agreement it would continue to assess its strategy in relation to St Andrew’s and that in the meantime the insurance business continued to be strongly capitalised and remained focused on delivering for its customers and corporate partners.