Investec has agreed to sell its professional finance, asset finance and leasing businesses including its high-net-worth customer deposit business in Australia to Bank of Queensland for A$440 million.
The transaction, which is subject to regulatory approval and customary closing conditions, is expected to close by the end of this year.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
Under the deal, a team of more than 300 employees will move to the Bank of Queensland.
In addition, the acquisition will bring in 33,000 customers to the Australian bank and will give it Investec’s A$2.4 billion loan portfolio.
The deal will offer BOQ access to a high net worth and quality customer base in specialist market niches.
Following the acquisition, Investec will transform its banking business in Australia to focus on its corporate and institutional banking, property funds management and investment banking.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataCiaran Whelan CEO Investec said: "The agreement with BOQ represents a significant opportunity for both the Professional Finance and Asset Finance & Leasing businesses as they pursue their next phase of growth."
"Investec Group remains committed to the Australian market. We have an experienced leadership team with a focused business backed by a strong global balance sheet and parent," he added.
