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.