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BOQ buys new Home in WA

BOQ buys new Home in WA

(4 September 2007 – Australia) In the same month that Bank of Queensland bought Mackay Permanent Building Society for A$53.2 million, the bank has announced it is set to merge with Home Building Society Limited, which is valued at A$592 million. The board of Home, which is based in Western Australia, has unanimously recommended its shareholders support the proposed deal.

Under the terms of the agreement, Home shareholders will own approximately 20 percent of the expanded group.

Following the merger, BOQ will continue to grow the network strongly in WA with the merged entity retaining a regional head office in Perth.

Home will continue to trade under its existing brand for up to 18 months until the two parties decide on the best trading brand for the long term.

Home chairman Tony Howarth said the merger proposal represented an outstanding opportunity for Home’s customers, staff and shareholders.

BOQ managing director David Liddy said the merger of BOQ and Home would create a regional banking powerhouse centred on the two strongest growing state economies in the country.

He said the success of the merger would be based on the marriage between BOQ’s franchise branch model and Home’s extensive WA network of 29 branches.

Liddy said the merger would provide a strong platform to build BOQ’s business in WA and the bank would look to open more branches and business banking centres.

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