ME Bank responds to BOQ acquisition

Group executive, customer banking, reveals what the deal will mean for customers and brokers

ME Bank responds to BOQ acquisition

ME Bank joining the BOQ group of brands represents a natural fit, offering a genuine alternative to the big four and championing the cause of everyday Australians – those were the words of ME Bank group executive, customer banking, Craig Ralston.

With ME set to keep its brand, staff and Melbourne-based operations, Ralston said the deal will be a positive for brokers and customers following completion.

Read more: BOQ announces ME Bank acquisition

“For now, it is business as usual at ME,” Ralston told MPA. “On a day-to-day basis, our customers should not really notice any change to their home loan arrangements nor the way they normally interact with us.”

ME will benefit from access to additional capital and funding once the transaction and move to a single ADI license is complete, he said.

“Being part of a larger bank with deeper resources means we can continue to invest in making our service, technology, and products even better for our customers while still operating as ME Bank.”

Read more: ACCC approves deal that "could challenge" big four

These will be factors that brokers too will benefit from when considering the best interests of their customers; the third-party remaining an important part of ME’s operations.

“On a day-to-day basis, brokers will not really notice any change and the way we interact with brokers and their teams will remain the same based on our ongoing commitment to keep improving our broker business,” he said. “This will not affect our customers or brokers’ agreements with ME, nor their relationship with the bank as the ME brand, operations, staff, and Melbourne-based presence will be retained.

“Joining forces with BOQ will enable ME Bank to compete more effectively in the banking market, including mortgages. It will also provide access to additional capital, funding and expertise to support and invest in improved products and services which will bring real benefits to our customers and our broker partners alike.”

He said the union was a perfect match - both banks being home-grown with onshore customer service teams while ranking high in customer satisfaction and advocacy.

LATEST NEWS