BOQ FINALISES ACQUISITION

BOQ FINALISES ACQUISITION
THE sale of Investec’s private banking business to Bank of Queensland (ASX: BOQ) has been completed, signalling a new direction for both companies.

BOQ’s offering will be diversified through the acquisition, particularly geographically, while Investec’s focus will change to core niches.

With today’s finalisation, BOQ has unveiled ‘BOQ Specialist’ which will be the new name of its professional finance business operating separately from its business bank.

This will service previous clientele of Investec’s private banking division, namely professional segments such as medical and dental, accountants and financial advisers.

BOQ managing director and chief executive Stuart Grimshaw (pictured) says this will provide the regional bank with a “leading position in attractive specialist segments”.

“It materially increases the size and footprint of our business bank, providing further diversification by geography and industry sector,” he says.

The acquisition was said to be spurred by strong alignment of staff and cultures, and involved a successful $400 million capital raising by BOQ in May.

Investec will turn its focus to core specialist niches of corporate advisory, aviation finance, resource finance, infrastructure finance and investment, corporate & acquisition finance, financial markets, and property.

BOQ Specialist will be headed by Barry Lanesman who will report to Brendan White, group executive business banking, agribusiness and financial markets.

The asset finance & leasing business will merge with the existing BOQ finance business headed by Hugh Lander, CEO BOQ finance.


Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support

A game changer? Aspiring to the new standard on workplace mental health
Partner Content
Work health and safety regulators have been more active in the area of mental health ri...
Aon
Advertisement

Related Stories

Wood Tech plans PPE manufacturing boost with $12m Rogers Industries acquisition

Wood Tech plans PPE manufacturing boost with $12m Rogers Industries acquisition

Manufacturer The Wood Tech Group will strengthen its diversificatio...

Tomas Steenackers’ National Optical Care expands further in Queensland

Tomas Steenackers’ National Optical Care expands further in Queensland

National Optical Care (NOC), founded by 2018 Australian Young Entre...

WA to open quarantine-free travel bubble with QLD from Friday

WA to open quarantine-free travel bubble with QLD from Friday

Western Australian Premier Mark McGowan has announced his state&nbs...

Screen Queensland to begin construction on new Cairns film studio in 2022

Screen Queensland to begin construction on new Cairns film studio in 2022

Business is booming in the Queensland screen sector and Cairns is s...