BOQ to acquire CIT ANZ
The Bank of Queensland is set to acquire the Australian and New Zealand businesses of New York-based CIT (formerly Commercial Investment Trust) Group, well known for its lending services to small and medium-sized businesses.
BOQ will buy both CIT Group's offices in Australia and New Zealand, called CIT ANZ, under a condition with the CIT Group. The transactions will be finalized during the current quarter of the calendar year.
CIT ANZ offers finance for vendor equipment in the IT, office, motorcycle and power equipment sectors.
A representative of BOQ said the acquisition is about 15 per cent of its $3.4 billion equipment finance book.
Currently, CIT Group Australia has $525 million in assets and 125 employees.
BOQ managing director David Liddy disclosed to reporters that the acquisition of ANZ will provide a "significant growth in the vendor finance market" and will also provide a better platform for BOQ.
"The CIT ANZ business has a reputable track record in the domestic market and will complement BOQ's current core competencies, in the equipment finance market," Mr. Liddy said.
Mr. Liddy confirmed that CIT ANZ will stay as a stand-alone business under the control of BOQ.
The Bank of Queensland is one of Australia's fastest growing retail banks that provide customers a person-to-person service experience.