BOQ Acquires ME Bank to Become Sixth Largest in Australia

Bank of Queensland (BOQ) has signed a $1.325 billion deal to acquire ME bank on Feb 22, paving its way to challenge the big four dominance. Reuters/Edgar Su

Bank of Queensland (BOQ) has signed an all-cash deal to acquire Members Equity Bank (ME) for about $1.3 billion (US$1.03 billion).

Announced on Feb. 22, the deal will see the BOQ emerge as a nation’s sixth-largest bank, giving it the scale it needs to challenge the big four—NAB, CommBank, ANZ, and Westpac.