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More about the bank:
The Bank of Queensland, is an Australian retail bank with headquarters in Brisbane, Queensland. The bank is one of the oldest financial institutions in Queensland, having begun as a building society. It now has 111 owner-managed branches throughout Australia, including thirty-six corporate branches and third-party intermediaries. They also have over 2,300 ATMs.
In January 2021, BOQ was given approval by the Australian Competition & Consumer Commission to purchase ME Bank for $A1.3 billion raised through an underwritten capital raising of $A1.35 billion. Half of the Bank of Queensland's customers are in Queensland with another 30% split across New South Wales and Western Australia.
One third of ME Bank's with another 47% based in New South Wales and Queensland. Combined, the group will have pro forma total assets over $88 billion, with total deposits of more than $56 billion. The ME brand will be maintained together with BOQ and Virgin Money. The purchase was approved by the Treasurer of Australia in June 2021, with the sale expected to be completed on 1 July 2021.
