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Announced

Bank of Queensland to acquire ME Bank for $1bn.

Financials

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Transaction Value£743m
Consideration TypeCash
Capital Owned-
Capital Bid For100%
EV/Sales-
EV/EBITDA-
Share Price Premium-
One Off Charge-

Tags

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Pending

direct bank

Single Bidder

Australia

Acquisition

Friendly

digital finance

Banks

Majority

Private

Domestic

Private Equity

Synopsis

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Bank of Queensland, an Australian retail bank with headquarters in Brisbane, agreed to acquire ME Bank, an Australian direct bank based in Melbourne, for $1bn. "This is a defining acquisition in our ongoing transformation of BOQ, benefitting our shareholders, customers, and people. Critically, ME Bank delivers material scale, broadly doubles our Retail bank, and provides geographic diversification. The ME Bank brand is also a great fit with the BOQ and Virgin Money brands, creating customer-centric alternatives in Australia," George Frazis, Bank of Queensland Managing Director and CEO.

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