Investec Australia sells commercial arm to Bank of Queensland

by admin 0

The commercial arm includes Investec Bank Australia’s professional finance and asset finance and leasing businesses and deposit book.

The announcement, which was made on Friday, will see Investec’s sale at a consideration price of 210 million Australian dollars premium to tangible net asset value for the shares in Investec Bank Australia Limited (IBAL).

[DATA INL:Investec] is an international banking and asset management group, whose principle markets are in South Africa, Australia and the United Kingdom.

It is estimated that upon conclusion of the sale and restructure, Investec Plc’s common equity tier 1 ratio will increase by approximately 1.5 per cent to about 10.6 per cent.

“The agreement with Bank of Queensland represents a significant opportunity for both the Professional Finance and Asset Finance and Leasing businesses as they pursue their next phase of growth and recognises Investec’s investment in these businesses over the past few years,” Investec said in a statement.