M&A Deal Summary

Bank Of Queensland Acquires CIT Group

On April 26, 2010, Bank Of Queensland acquired financial services company CIT Group from CIT for 525M AUD

Acquisition Highlights
  • This is Bank Of Queensland’s 4th transaction in the Financial Services sector.
  • This is Bank Of Queensland’s largest (disclosed) transaction.
  • This is Bank Of Queensland’s 3rd transaction in Australia.

M&A Deal Summary
Date 2010-04-26
Target CIT Group
Sector Financial Services
Buyer(s) Bank Of Queensland
Sellers(s) CIT
Deal Type Divestiture
Deal Value 525M AUD

Target

CIT Group

Sydney, Australia
CIT Group (Australia) Limited is a provider of vendor based, equipment finance and leasing in Australia.

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Buyer(S) 1

Buyer

Bank Of Queensland

Newstead, Australia
Category Company
Founded 1874
Sector Financial Services
Employees3,169
Revenue 1.8B AUD (2023)
DESCRIPTION

Bank Of Queensland a regional bank provides full range of personal banking services. Bank of Queensland was founded in 1874 and is based in Newstead, Australia.

DEAL STATS #
Overall 4 of 7
Sector (Financial Services) 4 of 6
Type (Divestiture) 2 of 2
Country (Australia) 3 of 6
Year (2010) 2 of 3
Size (of disclosed) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-04-26 BOQ Finance

Auckland, New Zealand

BOQ Finance (NZ) Ltd. provides equipment finance leasing services.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-07-01 St Andrew s Australia

Perth, Australia

St Andrew's is a manufacturer of consumer credit insurance products with a solid history of partnering with financial institutions to deliver insurance solutions.

Buy $45M

Seller(S) 1

SELLER

CIT

New York, New York, United States
Category Company
Founded 1908
Sector Financial Services
Employees4,085
Revenue 2.4B USD (2020)
DESCRIPTION

CIT is a financial holding company with approximately $35 billion in financing and leasing assets. It provides financing, leasing and advisory services to its clients and their customers across more than 30 industries. CIT maintains leadership positions in middle market lending, factoring, retail and equipment finance, as well as aerospace, equipment and rail leasing. CIT was founded in 1908 and is based in New York city.

DEAL STATS #
Overall 2 of 5
Sector (Financial Services) 2 of 2
Type (Divestiture) 2 of 5
Country (Australia) 1 of 1
Year (2010) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-04-26 BOQ Finance

Auckland, New Zealand

BOQ Finance (NZ) Ltd. provides equipment finance leasing services.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-08-03 OneWest Bank

Pasadena, California, United States

OneWest Bank is a provider of financial services.

Buy $3.4B
Mergr

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