StockMarketWire.com - Investec has agreed to sell Investec Bank (Australia) Ltd's professional finance and asset finance and leasing businesses and its deposit book to Bank of Queensland Limited.

A total team of over 310 people will be transferring to BOQ.

The consideration price has been agreed at an A$210m premium to tangible net asset value (NAV), for the shares in IBAL.

Upon conclusion of the transaction, IBAL will repatriate its entire NAV to Investec Holdings Australia Limited.

It is estimated that upon completion of the sale and restructure, Investec plc's common equity tier 1 ratio will increase by approximately 1.5% to about 10.6%.




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