POWERED BY MOMENTUM MEDIA
BOQ completes acquisition of ME Bank
The Bank of Queensland (BOQ) has completed its acquisition of Members Equity Bank (ME Bank) for a cash consideration of $1.325 billion, passing ownership from the industry super funds.
The acquisition was announced on 22 February, 2021, fully-funded through BOQ’s equity raising announced on the same day, and was approved by the Treasurer in June.
Both would continue to operate as separate authorised deposit-taking institutions (ADIs) in the short term with no immediate changes expected for customers.
The directors of BOQ would remain in the existing positions on the BOQ board and would replace the ME Bank board, with all current ME Bank board members resigning.
BOQ said it would seek approval from the Australian Prudential Regulation Authority (APRA) to consolidate and transfer ME Bank’s business as part of surrendering ME Bank’s ADI licence.
Following approval, it intended for ME Bank would continue as a standalone brand within the BOQ Group.
Patrick Allaway, BOQ Group chair, said today was a defining moment in the transformation of the BOQ Group.
“The completion of the acquisition unlocks new benefits for our shareholders, customer and people, and is a critical milestone in our multi-brand strategy to create a real alternative to the big banks,” Allaway said.
George Frazis, managing director and chief executive, said the acquisition of ME Bank was strategically aligned and financially compelling.
“It further strengthens our multi-brand strategy, delivers material scale, provides portfolio diversification ad enables the acceleration of the digital strategy towards a common digital retail bank technology platform,” Frazis said.
Recommended for you
The lower outlook for inflation has set the stage for another two rate cuts over the first half of 2026, according to Westpac.
With private asset valuations emerging as a key concern for both regulators and the broader market, Apollo Global Management has called on the corporate regulator to issue clear principles on valuation practices, including guidance on the disclosures it expects from market participants.
Institutional asset owners are largely rethinking their exposure to the US, with private markets increasingly being viewed as a strategic investment allocation, new research has shown.
Australia’s corporate regulator has been told it must quickly modernise its oversight of private markets, after being caught off guard by the complexity, size, and opacity of the asset class now dominating institutional portfolios.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
92.15 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
53.24 3 y p.a(%)
3
Global X GlobalX FANG+ ETF
43.15 3 y p.a(%)
4
DomaCom Shoreline North Coogee
36.26 3 y p.a(%)
5
GAM LSA Private Shares AU I
35.87 3 y p.a(%)
