Investec sells Australian assets to Bank of Queensland

11th Apr 2014 07:18

Financial services group Investec is to sell its Australian Professional Finance and Asset Finance and Leasing businesses to Bank of Queensland (BOQ).The FTSE 250 company announced on Friday that it has entered into a definitive contract with BOQ to sell Investment Bank Australia Limited's (IBAL's) assets and its deposit book. Some 310 employees will transfer over to BOQ.The consideration price has been agreed at an AUD210m premium to tangible net asset value for the shares in IBAL."The agreement with BOQ 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," the group said.Investec said that its common equity tier-1 capital ratio will increase by around 1.5 percentage points to 10.6% following the completion of the sale.BC