POWERED BY MOMENTUM MEDIA
BOQ confirms acquisition of ME Bank
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.
Recommended for you
Governor Bullock took a more hawkish stance on Tuesday, raising concerns over Trump’s escalating tariffs, which sent economists in different directions with their predictions.
Equity Trustees has announced the appointment of Jocelyn Furlan to the Superannuation Limited (ETSL) and HTFS Nominees Pty Ltd (HTFS) boards, which have oversight of one of the companies’ fastest growing trustee services.
Following growing criticism of the superannuation industry’s influence on capital markets and its increasing exposure to private assets, as well as regulators’ concerns about potential risks to financial stability, ASFA has released new research pushing back on these narratives.
A US-based infrastructure specialist has welcomed the $93 billion fund as a cornerstone investor.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Global X GlobalX FANG+ ETF
33.51 3 y p.a(%)
2
Spire Oaktree Opportunities XI Second Close
32.68 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.62 3 y p.a(%)
4
Spire Oaktree Opportunities XI First Close USD
31.36 3 y p.a(%)
5
Fidante Credit Suisse Global Private Equity
29.60 3 y p.a(%)
