14 March, 2010

Australia Bank Mergers & Acquisitions (Bank of Queesland, Bendigo & Adelaide Bank)

Bank of Queensland Ltd.

Bank of Queensland was established in 1874 as The Brisbane Permanent Benefit Building and Investment Society. In 1887, the building society converted to the commercial bank form. The name Bank of Queensland was adopted in 1970, though it wasn’t until 1985 that the bank’s first branches outside of Brisbane – in Cairns and Townsville – were opened. Between 2001 and 2004, BOQ entered into a phase of rapid expansion and opened 55 branches within the state of Queensland, and launched an initiative to expand outside the state.

Recent transaction(s):

  • In 2006, Bank of Queensland (BOQ) acquired Mackay, Queensland-based Pioneer Building Society for AUD $50-million. Pioneer operated a network of branches in central and northern Queensland.
  • In 2007, BOQ bought Home Building Society for AUD $592-million. The purchase gave Bank of Queensland a major network in Western Australia.
  • In 2007, Bank of Queensland made a hostile offer to purchase Bendigo Bank Ltd. for AUD $2.5-billion (USD $2.0-billion). Bendigo Bank was founded in 1858 near the Bendigo goldfield to offer banking service for the gold miners. The combined bank would have had a network of 575 branches in Australia; however, Bendigo Bank’s management rebuffed Bank of Queensland’s proposal. Later in 2007, Bendigo Bank agreed to take over Adelaide Bank to form the Bendigo and Adelaide Bank, and Bank of Queensland’s proposal failed.
  • In March 2010, BOQ acquired St. Andrew's insurance business from the Commonwealth Bank of Australia for an undisclosed amount. St. Andrew's had about 165,000 policyholders.


Bendigo and Adelaide Bank Ltd.

Bendigo Bank was founded in 1858 near the Bendigo goldfield to offer banking service for the gold miners.

Recent transaction(s):

  • In 2007, after rebuffing Bank of Queensland's AUD $2.5-billion (USD $2.0-billion) offer to merge, Bendigo Bank Ltd. agreed to acquire Adelaide Bank Ltd. for AUD $1.9-billion (USD $1.6-billion). The new bank was renamed Bendigo and Adelaide Bank Ltd. Adelaide Bank's 25 branches would be added to Bendigo's 357-branch network.

Click here to return to the Index page.