BOQ FINALISES ACQUISITION

THE sale of Investec’s private banking business to Bank of Queensland (ASX: BOQ) has been completed, signalling a new direction for both companies.

BOQ’s offering will be diversified through the acquisition, particularly geographically, while Investec’s focus will change to core niches.

With today’s finalisation, BOQ has unveiled ‘BOQ Specialist’ which will be the new name of its professional finance business operating separately from its business bank.

This will service previous clientele of Investec’s private banking division, namely professional segments such as medical and dental, accountants and financial advisers.

BOQ managing director and chief executive Stuart Grimshaw (pictured) says this will provide the regional bank with a “leading position in attractive specialist segments”.

“It materially increases the size and footprint of our business bank, providing further diversification by geography and industry sector,” he says.

The acquisition was said to be spurred by strong alignment of staff and cultures, and involved a successful $400 million capital raising by BOQ in May.

Investec will turn its focus to core specialist niches of corporate advisory, aviation finance, resource finance, infrastructure finance and investment, corporate & acquisition finance, financial markets, and property.

BOQ Specialist will be headed by Barry Lanesman who will report to Brendan White, group executive business banking, agribusiness and financial markets.

The asset finance & leasing business will merge with the existing BOQ finance business headed by Hugh Lander, CEO BOQ finance.