SYDNEY: Bank of Queensland Ltd (BoQ) will buy ME Bank, a digital lender owned by 26 industry pension funds, for A$1.33bil (US$1.05bil), the pair said, as the second-tier lender chips away at the lead of Australia’s “Big Four” banks.
The deal will double the size of the Brisbane-based regional bank’s retail arm, taking deposits to more than A$56bil, and boost the division’s contribution to earnings to more than 50% from 36%, BoQ said.
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