BOQ boss wants one last acquisition
(11 March 2010 – Australia) David Liddy, chief executive officer, Bank of Queensland, reportedly wants to add one more notch to his acquisition belt before he retires, as he hands over the day-to-day operations of the bank to his likely successor in an effort to focus on the bank’s expansion.
The banking veteran of over 40 years, has began handing over operational aspects of his position as CEO to Ram Kangatharan, his rumoured replacement, freeing up Mr Liddy to target the next deal, as the bank plans to take on the big fours’ market share, which has grown dramatically as a result of the financial crisis.
According to Business Day, the Bank of Queensland’s last major purchase was over two years ago when the bank acquired the West Australian-based Home Building Society.
The bank attempted to put a A$2.5 billion merger plan to Bendigo Bank in 2007, which was rejected by the regional rival; Bendigo then went on to merge with Adelaide Bank in a A$4 billion deal.
With the big four snapping up assets Mr Liddy has indicated that the bank needs to expand to fill the industry gap created by the purchases of St George and Bankwest by Westpac and Commonwealth Bank respectively.
Last year BOQ conducted a A$340 million equity raising drive to stock up funds in an effort to look at new possible acquisitions and raised its tier one capital to well above requirements, Business Day reported.
According to Business Day, the Bank of Queensland’s last major purchase was over two years ago when the bank acquired the West Australian-based Home Building Society.
The bank attempted to put a A$2.5 billion merger plan to Bendigo Bank in 2007, which was rejected by the regional rival; Bendigo then went on to merge with Adelaide Bank in a A$4 billion deal.
With the big four snapping up assets Mr Liddy has indicated that the bank needs to expand to fill the industry gap created by the purchases of St George and Bankwest by Westpac and Commonwealth Bank respectively.
Last year BOQ conducted a A$340 million equity raising drive to stock up funds in an effort to look at new possible acquisitions and raised its tier one capital to well above requirements, Business Day reported.
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