Business
BoQ to buy ME for $1.33b, ramping up competition with big four – Sydney Morning Herald
BoQ chairman Patrick Allaway says the deal is major step in its plan to be the leading “customer-centric” alternative to industry giants Commonwealth Bank, Westpac,…
The combination of our highly complementary businesses brings together two organisations with a shared purpose and values generating greater value for customers, employees and shareholders.
ME Bank, a mortgage lender owned by 26 industry super funds that was launched in the 1990s, said its shareholders had unanimously supported the deal, arguing the two banks were a natural fit together.
The deal is priced at 1.05 times MEs book value, and 11.9 times MEs underlying profits.Credit:Ken Irwin
ME chairman…
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