ME Bank Acquisition - Customer FAQs
Q: Has BOQ acquired ME Bank?
A: On 22 February 2021, the BOQ Group announced it has entered into an agreement to acquire 100 per cent of ME Bank for $1.325bn. Completion of the acquisition is subject to regulatory approval.
Q: Who is ME Bank?
Operating since 1994, ME Bank has built a successful online only retail bank. Owned by 26 Australian industry super funds, it employs around 1,100 employees in Australia.
Q: Will ME Bank replace BOQ/Virgin Money Australia?
A: No, ME Bank will not replace BOQ/Virgin Money. BOQ will retain the ME Bank brand and its full digital service. Each of the brands in the BOQ Group provide unique service offerings that are suited to their customers’ banking needs.
Q: Does the acquisition of ME Bank have any impact on existing BOQ/Virgin Money Australia customers?
A: There will be no change to the day to day banking for BOQ/Virgin Money customers.
Q: Why has BOQ acquired ME Bank?
A: BOQ, Virgin Money and ME Bank are all customer-centric organisations, evidenced by high NPS, having loyal customer base and aligned purpose and values, which makes ME Bank the ideal addition to the BOQ Group.
Q: How is BOQ funding the acquisition of ME Bank?
A: The acquisition of ME Bank will be funded by a capital raising of $1.35bn, which is open to new and existing shareholders. The completion of the acquisition is expected before the end of BOQ’s 2021 financial year, subject to regulatory approvals.