BoQ completes premium funding acquisition

As a bolt-on acquisition, Centrepoint Alliance Premium Funding will be rebranded as a new division within Bank of Queensland's existing BOQ Finance unit.

A Bank of Queensland (BOQ) sign — Bank of Queensland has completed a $20 million acquisition of Centrepoint Alliance Premium Funding. (AAP)

1 min read

Published 30 December 2016 4:18pm

Source: AAP

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Bank of Queensland has completed the $20 million acquisition of Centrepoint Alliance's premium funding business as it targets profitable niche lending.

Centrepoint Alliance Premium Funding, which makes about 30,000 loans annually to small and medium sized enterprises, is a bolt-on acquisition that will be rebranded as a new division within the lender's existing BOQ Finance unit.

Bank of Queensland shares closed 11 cents weaker at $11.88, in line with the decline in the broader financial sector.

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