Page 21 - Patrick Allaway News Today : Breaking News, Live Updates & Top Stories | Vimarsana

BOQ Acquires ME Bank to Become Sixth Largest in Australia Bank of Queensland (BOQ) has signed an all-cash deal to acquire Members Equity Bank (ME) for about $1.3 billion (US$1.03 billion). Announced on Feb. 22, the deal will see the BOQ emerge as a nation’s sixth-largest bank, giving it the scale it needs to challenge the big four—NAB, CommBank, ANZ, and Westpac. The acquisition was fully funded through underwritten equity raising and is expected to be complete by the end of the 2021 financial year. BOQ chairman Patrick Allaway described the deal as “transformational” and “strategic...

An Australian bank has announced it will acquire another rival banking group to double its size and diversify into new regions.

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. Related News:

Bank of Queensland is staking its future on a multi-brand strategy with confirmation yesterday of terms for a $1.325 billion all-cash offer from BOQ for ME Bank.

BOQ appoints non-executive director The non-major bank has announced the appointment of a non-executive director, effective in March. The board of the Bank of Queensland (BOQ) has announced the appointment of US-based Mickie Rosen as non-executive director, effective 4 March. Ms Rosen has three decades of strategy, operating and advisory experience across media, technology and e-commerce, and is based in the west coast of the US. She is currently a non-executive director of Nine Entertainment Co and board director of apparel company TechStyle Fashion Group, as well as Ascendant Digital Acquis...