Bank Of Queensland To Buy CIT's Australia, New Zealand Vendor Finance Operations
26 Abril 2010 - 5:59PM
Noticias Dow Jones
Bank of Queensland Ltd. (BOQ.AU) has agreed to buy CIT Group
Inc.'s (CIT) Australian and New Zealand businesses, expanding its
vendor equipment finance operations, CIT said Tuesday.
In a statement, CIT said Bank of Queensland will buy its vendor
equipment finance business which operates in the information
technology and office market as well as in the motorcycle and power
equipment markets.
The deal will significantly expand Bank of Queensland's vendor
equipment finance book of A$3.4 billion. At Dec. 31, CIT Australia
and New Zealand had A$525 million in assets and around 125
employees.
"This purchase provides BOQ with access to a strategic
specialised market and an ideal growth platform from which to grow
new vendor relationships," Bank of Queensland Chief Executive David
Liddy said in the statement. "We see significant growth in the
vendor finance market and this acquisition provides an ideal growth
platform for BOQ," he said.
The acquisition is expected to be immediately earnings per share
accretive, Liddy said, although he added the transaction will not
have a material impact on the group's full year results.
Financial terms of the deal were not disclosed.
-By Lyndal McFarland, Dow Jones Newswires; 61-3-9292-2093;
lyndal.mcfarland@dowjones.com
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