23-Mar-2022 • Corporate

In February 2021, Bank of Queensland (BOQ), announced it would come together with ME Bank in a transformative $1.35bn acquisition.  
As each of ME Bank and BOQ had an Authorised Deposit Taking Institution (ADI) licence at the time, a key part of the integration program was to transfer all the assets and liabilities of ME Bank to BOQ. This key milestone was reached on 28 February 2022 and ME Bank’s licence was handed back to APRA.
Going forward, ME Bank will operate as a standalone brand under BOQ’s ADI licence; there will be no change to ME Bank’s products and services as a result of this transfer.
The ADI hand back sets the foundation for many positive improvements, including consolidation of the balance sheet which strengthens the Group’s funding position.
Under BOQ’s ownership, ME Bank continues to go from strength to strength and the brand’s home loan book returned to growth in November 2021, which was an achievement reached ahead of schedule. BOQ has also implemented its Home Buying Transformation program for the ME brand which has ensured customers continue to experience a prompt “time to yes” pathway for home loan approvals.
The integration has also brought teams and functions together under a new operating model that emphasises BOQ’s multi-brand approach and is a key foundation in the Group’s digital transformation to have all brands on a single, cloud-based, common banking platform.
The addition of ME Bank takes BOQ’s total customer base to 1.5 million and gives the Group geographical diversification along the east coast of Australia.