(15 August 2006 – Australia) Bank of Queensland is set to acquire Pioneer Permanent Building Society for A$49.6 million.The bank will use the acquisition to expand its customer footprint in the north of Queensland.
BOQ said its offer of a fully franked dividend and BOQ shares or cash, or a mixture of shares and cash, valued Pioneer at A$4.78 a share.
BOQ Chairman Neil Roberts said the acquisition of the Mackay based building society would add to the bank’s earnings per share for the 2007 financial year as well as expanding the bank’s branch network.