The acquisition of ME Bank by Bank of Queensland (BOQ) has gone through, with the Treasurer Josh Frydenburg approving the purchase this morning.
BOQ announced that they would buy ME for $1.3 billion in February, pending government assent.
Approval from the Treasurer is required for any purchase of more than 15% of a financial institution and with regulators on board, the deal will be completed officially on 1 July.
“I look forward to this exciting new chapter as ME Bank joins the Bank of Queensland (BOQ) family of brands, said Adam Crane, CEO of ME Bank. “This will offer us the opportunity to deliver enhanced experiences to our customers and our broker network.”
“While ME will become a part of the BOQ Group, we will continue to operate as a distinct Brand with no change to our customers’ home loan arrangements, nor our broader product and service offerings or the importance we place on our broker network. Over time, we are confident this change will bring real benefits to our customers and our broker partners alike.”
“On a day-to-day basis, it is business as usual for ME customers. There will be no change to customers’ accounts or arrangements, nor the way they normally interact with ME Bank.”
“Being part of the BOQ Group will help us deliver on our purpose, ‘helping all Australians get ahead’. As home-grown banks, BOQ and ME are a natural fit, culturally aligned and offer a genuine alternative to the big banks. Importantly, we share common values and a customer-first ethos.”
“As ME becomes WE, the team looks forward to continuing to support and service our customers and offering the simple and straightforward banking products that they want.”