BOQ raises growth aspirations
(19 August 2009 – Australia) Bank of Queensland has announced a A$340 million equity raising backed by its largest shareholder, in a bid to take advantage of growth opportunities and remain as a key independent competitor to Australia’s Big Four.
BOQ today announced it would seek to raise $340 million in new equity to strengthen the bank’s capital position and take advantage of emerging growth opportunities.
BOQ’s largest shareholder BRED Banque Populaire has agreed to support BOQ’s equity raising and will own approximately 12.5 percent by way of a A$143 million institutional placement to the French bank and other institutional investors.
BOQ’s managing director and CEO, David Liddy, said that the equity raising will provide the bank with a strong capital position for the medium term and allow BOQ to take advantage of emerging growth opportunities.
Proceeds from the equity raising will be deployed to support BOQ’s OMB (Owner Managed Branch) network in pursuing its natural growth potential, Liddy said.
The bank will target continued system outperformance, with a focus on lower risk prime residential property, well secured small-to-medium enterprise lending and equipment finance.
The equity raising comes after the bank’s internal project dubbed Project Pathways. While a strategic partner was sought and interest from a number of parties examined, BOQ decided that proposals received were not compelling enough strategically and that it would instead look for independent growth by way of this equity raising.
BOQ’s largest shareholder BRED Banque Populaire has agreed to support BOQ’s equity raising and will own approximately 12.5 percent by way of a A$143 million institutional placement to the French bank and other institutional investors.
BOQ’s managing director and CEO, David Liddy, said that the equity raising will provide the bank with a strong capital position for the medium term and allow BOQ to take advantage of emerging growth opportunities.
Proceeds from the equity raising will be deployed to support BOQ’s OMB (Owner Managed Branch) network in pursuing its natural growth potential, Liddy said.
The bank will target continued system outperformance, with a focus on lower risk prime residential property, well secured small-to-medium enterprise lending and equipment finance.
The equity raising comes after the bank’s internal project dubbed Project Pathways. While a strategic partner was sought and interest from a number of parties examined, BOQ decided that proposals received were not compelling enough strategically and that it would instead look for independent growth by way of this equity raising.
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