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BOQ MD deflects questions on ME Bank acquisition

By Neil Griffiths
 — 1 minute read

The managing director and chief executive of the Bank of Queensland has deflected questions regarding its acquisition of ME Bank.

Appearing at a standing committee on Thursday morning, George Frazis said he was unable to answer questions relating to ME Bank as BOQ is “literally in the process of completing that acquisition today”.

“At some point later today that will be completed,” Mr Frazis told chair Tim Wilson.

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“I should state right up to that point, we remain competitors, given the ACCC requirements.

“But we’re really excited by the acquisition.”

Mr Frazis did agree to take some questions on notice by Mr Wilson, including a query about a dividend ME Bank paid to its shareholders prior to the merger.

Mr Wilson asked that BOQ share a breakdown of the dividend total paid to its shareholders, as well as the bank’s attitude “in terms of the value it’s purchased ME Bank as a consequence of the payment of that dividend”.

BOQ’s purchase of ME Bank was finalised late last month that BOQ chair Patrick Allaway said “is a key step in our strategy to be a compelling alternative to the big banks”.

“It is a defining moment in the transformation of BOQ Group, which will benefit our shareholders, customers and people,” Mr Allaway said.

On Thursday afternoon following the completion of the acquisition, Mr Frazis said "the acquisition of ME Bank is strategically aligned and financially compelling".

"It further strengthens our multi-brand strategy, delivers material scale, provides portfolio diversification and enables the acceleration of the digital strategy towards a common digital retail bank technology platform," he said.

 

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BOQ MD deflects questions on ME Bank acquisition
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