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BOQ lending grows by over $1bn


Mortgage Business
BOQ lending grows by over $1bn
By Malavika Santhebennur
16 April 2021
The non-major has reported growth in housing lending as well as a rise in home loan settlements via the broker channel.
The Bank of Queensland (BOQ) has released its financial results for the first half of the 2021 financial year (1HFY21), in which it reported lending growth of $1.065 billion as at 28 February, up from $782 million in 1HFY20.
The results were driven by a $997 million increase in home lending in 1H21, representing annualised growth of 6.5 per cent on 2H20, approximately 1.6 times system growth.
Growth was largely driven by increased owner-occupied loans and weighted to a higher proportion of fixed rate lending compared with previous periods, the bank said. ....

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BoQ enters phase two of Virgin Money Australia digital transformation


By
Kate Weber
on Apr 16, 2021 7:00AM
BoQ CEO George Frazis.
Ahead of core transformation of its other bank brands.
The second phase of the Bank of Queensland’s digital transformation is now in development, which will impact a broader range of financial products in its Virgin Money Australia digital bank.
The BoQ Group is in the early stages of a five year, $440 million technology overhaul, underpinned by a new core banking system from Temenos. The work is being conducted jointly with Deloitte Digital.
Phase two will bring home loans, loyalty programs and deposit options plus open banking capabilities to the Virgin Money Australia brand. ....

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BOQ completes equity raise to acquire ME Bank


Mortgage Business
BOQ completes equity raise to acquire ME Bank
By Malavika Santhebennur
16 March 2021
The non-major bank has completed the final stage of its equity raising, with the proceeds to be used to fund the acquisition of ME Bank for $1.325 billion.
Bank of Queensland (BOQ) has announced the completion of the retail component of its underwritten one for 3.34 accelerated pro-rata non-renounceable entitlement offer (retail entitlement offer), subject to final reconciliation.
The completion of the offer represents the final stage of BOQ’s approximately $1.35 billion total equity raising, which includes the underwritten institutional entitlement offer and institutional placement (together making up the equity raising). ....

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BOQ's big-scale play - InvestorDaily

Bank of Queensland is hoping that its $1. 3 billion acquisition of ME Bank will give it the scale it needs to take on the ascendant big four as the economy rebounds.   Listening to BOQ CEO George Fra ....

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