Industry funds-owned bank, ME Bank, is being acquired by the Bank of Queensland (BOQ).
BOQ announced to the Australian Securities Exchange (ASX) today that it had entered into an agreement to acquire 100% of Member Equity Bank Limited for a cash consideration of $1.325 billion with the acquisition being funded by an underwritten capital raising.
Confirming the transaction, BOQ chairman, Patrick Allaway said it represented another major step in the bank’s strategy to be the leading customer-centric alternative to the big banks.
The combined group will have pro forma total assets of $88 billion, with total deposits of more than $56 billion.
Completion of the acquisition has been targeted for before the end of BOQ’s 2021 financial year.
ME Bank will remain based in Melbourne and its brand will also be retained.
BlackRock boss Larry Fink praised Australia’s superannuation system in his annual chairman’s letter.
The prudential regulator has announced it will publish new expenditure data of superannuation funds, providing details on expenses like advice, director remuneration, and payments to unions.
Affirming the UK’s growing attractiveness as an investment destination, a number of Australia’s largest investors recently joined the UK Foreign Secretary for an exclusive briefing in Canberra to discuss further opportunities for trade and growth.
The specialist superannuation law advisory practice is set to wind up, with managing partner Jonathan Steffanoni planning to bring a new offering to market.
Add new comment