BOQ ACQUIRES CIT

Written on the 14 May 2010

BOQ ACQUIRES CIT

BANK of Queensland Limited (BOQ) has continued its expansion after today acquiring CIT Vendor Finance.

The deal will give BOQ ownership of CIT Group Inc’s Australian and New Zealand businesses, with the transaction due for completion in the second quarter of the 2010 calendar year.


BOQ has not revealed the value of the purchase agreement, but CIT Group (Australia) has $525 million in assets while CIT Group (New Zealand) will make up 15 per cent of BOQ’s equipment finance book.

BOQ managing director David Liddy (pictured) says the acquisition fits with the company’s focus on gaining greater market share in SME lending.

“We see significant growth in the vendor finance market and this acquisition provides an ideal growth platform for BOQ,” he says.

“We currently have a strong presence in both the direct channel – our branch network - and the broker network, and this purchase will round out our offering with a strong vendor finance presence.

“We expect the acquisition to be earnings per share accretive immediately from completion. However, this transaction will not have a material impact on our FY10 results.”

While BOQ has been investing heavily in its brand lately, Liddy plans to operate CIT Group (New Zealand) as a stand-alone business.

BOQ bolstered its operations recently with the acquisition of Western Australia-based St Andrew’s insurance business from the Commonwealth Bank (CBA).


Latest News

2017 BRISBANE TOP COMPANIES REVEALED

WHILE Queensland is regarded as an economy in transition with the winding down of the mining boom, the 2017 top 50...

2017 BRISBANE TOP COMPANIES 1-10

FROM insurance and banking to travel, gambling, retail, property and pizza, these "heavyweights" have ha...

2017 BRISBANE TOP COMPANIES 11-20

RETAIL, property, an airline, cars, real estate, software services, energy, agriculture, veterinary services bathr...

2017 BRISBANE TOP COMPANIES 21-30

JEWELLERS Michael Hill International listed in 2016 with a half-billion dollar market capitalisation and a new CEO...

Related News

FURNITURE DISRUPTOR SET TO SHARE HIS ONE OF A KIND BUSINESS MODEL

IT'S no secret that Australians love homemaking. Their ceaseless quest to create the perfect place to call hom...

WEEDING OUT THE ASX'S BURGEONING CANNABIS TREND: 8 COMPANIES TO WATCH

A NICHE is budding on the ASX in the form of medical cannabis, an industry which has been on the country's rad...

FRESH CLASS ACTION TO REVEAL ANOTHER SIDE OF SLATER AND GORDON DOWNFALL

ACA LAWYERS has issued a formal letter of demand to Andrew Grech (pictured), managing director of Slater and Gordo...

STARSHIPS WERE MEANT TO DELIVER DOMINO'S PIZZA

NICKI Minaj may have been off the mark when she declared 'starships were meant to fly'. However, she m...

BOOK YOUR FUNCTION SPACE HERE

 

 

 

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter