Australia's Bank of Queensland to buy ME Bank for AUD 1.33 bln

The deal will double the size of the regional bank’s retail arm, taking deposits to more than AUD 56 billion, and boost the division’s contribution to earnings to more than 50% from 36%. BoQ will fund the deal through an AUD 1.35 billion equity raise at AUD 7.35 a share.

Even with the deal, BoQ will still lag far behind the Big Four banks, which control about three-quarters of the lending market and have glided through the pandemic better than some of their international peers.

The smallest of the four, Australia and New Zealand Banking Group, has over AUD 320 billion in deposits according to December 2020 data from the Australian Prudential Regulation Authority (APRA).
the paypers logo

The Paypers is the Netherlands-based leading independent source of news and intelligence for professional in the global payment community.

 

The Paypers provides a wide range of news and analysis products aimed at keeping the ecommerce, fintech, and payment professionals informed about the latest developments in the industry.

 



No part of this site can be reproduced without explicit permission of The Paypers (v2.7).

Privacy Policy / Cookie Statement

Copyright