Investec Australia's Professional Finance and Banking business will continue to focus on delivering business and personal banking solutions for medical and dental professionals following the sale to Bank of Queensland (BOQ) last week.
BOQ announced on Friday it would purchase Investec's Professional Finance business – including its deposits business. The agreement follows the appointment of independent advisers by Investec to identify alternatives for the business late last year.
Head of Professional Finance, Barry Lanesman, said the agreement with BOQ provided an exciting opportunity to propel the business to the next phase of growth.
"The businesses are both aligned culturally and there are strong synergies in terms of our approach. By combining our strengths and adding scale we will be able to deliver an even stronger proposition for our clients whilst retaining our focus as specialists in the medical and dental space," Mr Lanesman said. "We remain committed in this area and are able to do things which general financiers are unable to do. We've been doing it for 20-odd years, so we know this market in a deeper way than anyone else."
The Professional Finance business has over 19,000 clients and a loan portfolio of $2.2 billion. Over 80% of current loans are for practice and personal finance to medical, dental and veterinary practitioners.
"Through our strong relationships and long term commitment we have built up an enviable position providing specialist products to our niche clients," Mr Lanesman said. "BOQ recognises the value of this segment and of our team in maintaining our market leading position".
The agreement, subject to regulatory approval, will be finalised in coming months with the Professional Finance business to rebrand under the BOQ umbrella upon completion.
"While our brand may change; our team, our values and our commitment to our clients will remain the same. As a team, we are excited about the opportunity this announcement brings in offering an even stronger service and product proposition to our professional client base".