Ciaran Whelan

Investec Bank (Australia)  announced last Friday that its parent company Investec Holdings (Australia), has entered into a definitive agreement with Bank of Queensland (BOQ) to sell its Professional Finance business which includes its deposits business, and its Asset Finance & Leasing businesses in Australia.

The agreement is subject to customary closing conditions such as counterparty and financier consents and approval from the Australian Prudential Regulatory Authority (APRA).

Following the sale, the Investec Group will cease to own an ADI but will retain a significant business in Australia focussing on its core strengths across Corporate and Institutional Banking, Property Funds Management and Investment Banking.

Late last year, Investec announced it had appointed independent advisers to identify alternatives for its Professional Finance and Asset Finance & Leasing businesses.

The businesses are being sold as a going concern with a total team of over 310 people transferring to BOQ.

“The agreement with BOQ represents a significant opportunity for both the Professional Finance and Asset Finance & Leasing businesses as they pursue their next phase of growth,” said Investec CEO Ciaran Whelan.

“Investec Group remains committed to the Australian market. We have an experiencedleadership team with a focused business backed by a strong global balance sheet and parent. We are in a good position to concentrate on what we do best within our specialist niches and to demonstrate our distinctive approach.”

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