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July 31, 2014updated 04 Apr 2017 2:06pm

Bank of Queensland buys Investec’s private banking business

Bank of Queensland has completed the acquisition of Investec’s private banking business, Investec Australia Limited (IAL).

By Verdict Staff

Bank of Queensland has completed the acquisition of Investec’s private banking business, Investec Australia Limited (IAL).

Through this deal Investec will be able to focus on delivering solutions for corporate, institutional and Government clients across its core niches.

The acquisition will see the transfer IBAL’s professional finance and asset finance & leasing businesses to Bank of Queensland.

In addition, the acquisition will enable Investec to transform its business in Australia to focus on its core specialist niches including corporate advisory, aviation finance, resource finance, infrastructure finance and investment, corporate & acquisition finance, financial markets, and property.

Milton Samios of Investec Australia said: "Our commitment to our corporate, institutional, and government clients remains unchanged and IAL is now better positioned to offer clients access to the larger balance sheet and global capabilities of the broader Investec Group".

"In recent months Investec has advised PAS and SCA on their listing, and recently advised the shareholders of Ingeus on the sale of their business to Providence Service Corporation, provided acquisition facilities to Northern Star and Troy Resources, launched a new aircraft leasing business, and announced a partnership with the South Australian Government to deliver a unique affordable housing solution in Adelaide," Samios added.

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