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BOQ reshuffles board following ME Bank acquisition

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Annie Kane 6 minute read

Following the completion of its acquisition of ME Bank, BOQ Group has announced changes to its board.

On 1 July 2021, Bank of Queensland (BOQ) Group completed its acquisition of ME Bank, bringing the brand into its group alongside BOQ and Virgin Money. 

ME Bank is continuing to operate as a separate authorised deposit-taking institution (ADI). However, BOQ has confirmed that “at the appropriate time”, it will look to consolidate and surrender ME Bank’s ADI licence. The brand would continue as a standalone brand within the BOQ Group regardless.

Given the merger, there have been changes announced to the board of directors at BOQ Group. 

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Former ME Bank director Deborah Kiers, who was also previously chair of the ME Bank board’s people and culture sub-committee, is set to join BOQ’s board of directors as an independent non-executive director on 5 August. 

Ms Kiers has more than 26 years’ experience providing strategic advice to international boards and executive management teams and spent almost 10 years as the managing director (and founding Asia Pacific Partner) of transformation consultancy JMW Consultants. 

She is currently a non-executive director, chair and committee member for IFM Investors and is also a non-executive director for the Tiverton Agriculture Impact Fund. 

The banking group said that her appointment to the board provides “further strategic capability” to the BOQ Group board and supports the integration of the ME Bank brand by bringing “continuity of the ME brand, cultural values and corporate heritage”. 

Ms Kiers’ appointment will be voted upon by shareholders at the upcoming annual general meeting on 7 December 2021.

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The chairman of BOQ Group, Patrick Allaway, commented: “We are very pleased to welcome Deborah to the board following the successful acquisition of ME Bank. 

“It is customary for a new director to join following an acquisition, and I am pleased by the breadth of corporate experience Deborah brings along with an understanding of the ME Bank business. 

“As a director with ME Bank since July 2020, and having been chair of the ME Bank board’s people and culture sub-committee, I know she will bring valuable perspectives on the ME heritage, underscoring for us the unique ME Bank value proposition and culture.” 

Given the new appointment, the board has announced that one of its board members will be retiring as part of its “rotation of directors” and to keep the total number of non-executive directors at seven.

As such, Kathleen Bailey-Lord will be retiring as a non-executive director on 5 August.

The banking group noted Ms Bailey-Lord’s corporate experience, which they said had provided strong support for the development of the BOQ strategic plan and oversight of the transformation agenda. 

Mr Allaway thanked the outgoing director for her “contribution and dedication”, stating: “I want to acknowledge the insight and wise counsel Kathleen has provided to the board and her contribution as a member of the transformation and technology; people, culture and remuneration; audit; risk; and nomination and governance committees. 

“Kathleen’s wide experience and strategic thinking has contributed in shaping the business and cultural transformation to date,” he said. 

Ms Bailey-Lord added: “I am proud of the progress made by the BOQ team in its business and cultural transformation. 

“The acquisition of ME Bank is a further significant step in this journey. I wish the board, management and the BOQ and ME teams every success for the future.” 

[Related: BOQ completes ME Bank acquisition]

 

BOQ reshuffles board following ME Bank acquisition
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Annie Kane

Annie Kane

Annie Kane is the editor of The Adviser and Mortgage Business.

As well as writing about the Australian broking industry, the mortgage market, financial regulation, fintechs and the wider lending landscape – Annie is also the host of the Elite Broker and In Focus podcasts and The Adviser Live webcasts. 

Email Annie at: This email address is being protected from spambots. You need JavaScript enabled to view it.

 

 

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