Plans to acquire ME Bank Queensland Bank for 13.3 billion yuan to expand its scale and increase competitiveness | Chinatown Financial News Australia

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The Bank of Queensland is acquiring ME Bank for 13.3 billion yuan, which it claims will double its size in order to strengthen competition with Australia's four major banks.
        【本报悉尼讯】昆士兰银行正以13.3亿元收购ME Bank银行,它声称此举将把其规模增加一倍,以便加强与澳洲四大银行竞争。<br />

The Bank of Queensland confirmed on Monday that it is in a transaction with the owners of ME Bank to acquire the bank for all cash and sell shares to raise 13.25 billion yuan for this acquisition.
Bank of Queensland Chairman Wallawi (Patrick Allaway) said that the transaction is regarded as a transformational acquisition. An important step in ANZ's competition for "customer-centric" alternatives.
He said, "With the increase in ME Bank's business, the Bank of Queensland now has substantial scale and a compelling growth platform to support this ambition."
ME Bank is an online bank that mainly provides housing loan business. It was initiated by 26 industrial provident fund funds in the 1990s.The Bank of Queensland reached the acquisition after months of negotiations.
Through this acquisition, the Bank of Queensland will take over 266 billion yuan of loans from ME Bank, doubling the scale and becoming the fifth largest bank in Australia.
Former director of ME Bank, Greg Combet, who served as an advisor to the bank's board of directors in mid-2020, described the transaction as a “convincing offer” for ME Bank’s 26 public fund shareholders.
Combat said: "We are very satisfied with the terms we have reached with the Bank of Queensland."
"The retention of the ME brand, people, operations and presence in Melbourne are all additional positive factors that will benefit customers and employees."
He said that the board of directors has recommended that shareholders sell the bank because the bank is trying to get the scale needed for commercial competition.
Bank of Queensland President George Frazis said at a press conference on Monday morning that after the acquisition of ME Bank, the size of Bank of Queensland's retail business has doubled, and retail business profits have increased by 35% to 50%.
He said that increasing the number of customers means that the Bank of Queensland will now be able to provide bank alternative services to approximately 145 million people.
"After the merger, the estimated total assets of the Group will exceed 880 billion yuan and total deposits will exceed 560 billion yuan."
He claimed that the deal was an "absolute game changer."
But he did not elaborate on how the bank plans to use its new scale to connect with the Big Four in price competitiveness.He said that the Bank of Queensland conducted "very detailed due diligence procedures" on ME Bank after ME Bank was criticized last year for its customers' re-drawing and write-off account problems.
He said: "We are confident that we can bring ME Bank back to a profitable path." (Nanping)
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