BOQ tipped to push for growth with takeover of ME Bank
Bank of Queensland is poised to announce a $1.3 billion takeover of all-digital ME Bank.
Bank of Queensland has been forced into rewriting its small business loan contracts
The bank is currently owned by 26 industry superannuation funds, including Queensland’s Sunsuper.
The BoQ suspended its shares from trading on the ASX yesterday pending an announcement but there has been well-sourced reports that the deal was likely and was expected within days.
It’s anticipated BoQ shareholders will be called on to tip in about $1 billion for the takeover.
ME Bank has been on the block for several months in a type of auction run by Macquarie Bank.
The benefit for BoQ would be ME Bank’s loan book, worth about $25 billion, and the speculation about the buyout has pushed the bank’s shares to a 52 week high earlier this week.
ANZ was another interested bidder for ME Bank.
The web-based bank put itself on the market because it had not been able to develop a scale that would allow it to compete effectively.
