BOQ FINALISES ACQUISITION

Written on the 31 July 2014

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.



Latest News

COCHLEAR R&D INVESTMENT DRIVES NEW PRODUCTS AND BOOSTS PROFIT AND REVENUE

COCHLEAR (ASX: COH) has boosted its 2017 full year net profit by 18 percent to $223.6 million and has forecast furthe...

WESFARMERS BOOKS BUMPER PROFIT BUT SUPERMARKET WAR HITS COLES' BOTTOM LINE

SUPERMARKET giant Coles has posted its biggest slide in earnings since it was acquired by Wesfarmers (ASX: WES) 10 ye...

TREASURY WINES UNCORKS SWEET $269M PROFIT DESPITE INVENTORY WOES

REVEALING the fruits of its past year of labour, Treasury Wine Estates (ASX: TWE) has posted a 55 per cent increas...

TATTS GROUP POSTS PROFIT AND REVENUE DROP ON FEWER JACKPOTS AND BAD WEATHER FOR RACING

TATTS Group (ASX: TTS) has posted a full year net profit loss of 5.7 percent and a revenue decline of 8.4 per cent as...

Related News

WESFARMERS BOOKS BUMPER PROFIT BUT SUPERMARKET WAR HITS COLES' BOTTOM LINE

SUPERMARKET giant Coles has posted its biggest slide in earnings since it was acquired by Wesfarmers (ASX: WES) 10 ye...

ANALYSTS PREDICT WHAT AUSSIE LIVING IS LIKELY TO BECOME IN THE NEXT CENTURY

AS THE Australian population continues to grow, analysts are predicting what the country is likely to look like wi...

SEVEN WEST REPORTS MASSIVE LOSS AND CUTS CEO TIM WORNER'S PAY PACKET BY $450K

SEVEN West Media (ASX: SWM) has posted a full-year loss of $744.3 million and cut CEO Tim Worner's pay packet by ...

HOW MAKING MISTAKES AND PASSION SCORED WEIGHT LOSS PARTNERS A DEAL WITH SHARK TANK'S JANINE ALLIS

THEY partnered up to provide a scientific and targeted approach to dieting, and Kate Save and Geoff Draper cut Sha...

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