In a statement, BOQ said the legislative instrument giving effect to the purchase would be finalised in the coming days, with the purchase due to complete on 1 July.
“The acquisition of ME Bank is a key step in our strategy to be a compelling alternative to the big banks,” BOQ chair Patrick Allaway said.
“It is a defining moment in the transformation of BOQ Group, which will benefit our shareholders, customers and people.”
“The addition of ME Bank to the BOQ Group will further strengthen our multi-brand strategy, deliver material scale, broadly double the size of our Retail bank, and provide us with geographic diversification,” BOQ managing director and chief executive George Frazis said.
“We look forward to the ME Bank team formally joining the BOQ Group very soon.”
The two banks would become one team following the transaction, but ME Bank would continue to operate under its own brand.
“On a day-to-day basis, it is business as usual for ME customers. There will be no change to customers’ accounts or arrangements, nor the way they normally interact with ME Bank,” ME CEO Adam Crane said.
“Being part of the BOQ Group will help us deliver on our purpose, ‘helping all Australians get ahead’. As home-grown banks, BOQ and ME are a natural fit, culturally aligned and offer a genuine alternative to the big banks.
“Importantly, we share common values and a customer-first ethos.”