General
Bank of Queensland buying ME Bank in attempt to take on the big four
The Bank of Queensland is vying to take on the big four after confirming that it will buy ME Bank for $1.3 billion.
Key points:
- Bank of Queensland is offering around $1.3 billion in cash to ME Banks owners, a group of industry super funds
- The deal will create a bank with $88 billion in assets and nearly 1.5 million customers
- BoQ says the deal will help it offer a “compelling alternative to the big banks”
BoQ has been in a trading halt since last week when it started raising funds for the speculated deal.
On Monday the bank confirmed the 100 per cent purchase of ME Bank and said it would fund this via a $1.35 billion equity raising.
ME was founded 27 years ago by a group of Australian super funds and pitches itself as an alternative to the…
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