(2 July 2010 – Australia) The Bank of Queensland (BOQ) has completed its acquisition of CIT Group, an equipment finance specialist, in a transaction valued at A$475 million.The group’s managing direction David Liddy confirmed the completion of the transaction saying the acquisition of CIT Australia and New Zealand would enable the bank to build on its existing equipment finance business.
Mr Liddy also said that the purchase of CIT was in line with the bank’s strategy of expanding via higher-margin businesses that complemented its existing network.
Describing the unit as a ‘bolt on acquisition’ Mr Liddy added that BOQ intended to operate the CIT Australia and New Zealand business as a standalone entity that would be rebranded over a transition period to the BOQ brand.