• Contact
  • Feedback
Banking Day
Stay Ahead. Stay Informed.
Concise. Candid. Provocative.
Get the daily banking news that matters
Banking Day – Your trusted source for independent financial insights.
Subscribe Now
  • News
  • Topics
    • All Topics
    • Briefs
    • Major Banks
    • Authorised deposit-taking institutions
    • Insurance, funds and super
    • Payments, mobile & wallets
    • Consumer lending
    • Mortgages
    • Business lending
    • Finance regulation
    • Debt capital markets
    • Ratings agencies
    • Equity capital markets
    • Professional services
    • Work & career
    • Foreign news
    • Other topics
  • Free Trial
  • Subscribe
  • About us
    • About Banking Day
    • Advertise
    • Feedback
    • Contact Banking Day
  • Search
  • Login
  • My account
    • Account settings
    • User Admin
    • Logout

Login or request a free trial

Investec Bank's last hurrah

09 July 2014 3:21PM
With the sale of its professional finance, asset finance and leasing businesses to Bank of Queensland expected to be completed by the end of this month, a media release from Investec Bank (Australia) yesterday announcing a new marketing initiative came as a surprise.Investec is offering 100,000 Qantas Points to financial planners who sign up for an Investec Signature credit card by the end of July, and 50,000 points if they take a Platinum Card.In April, Investec Group announced that it would sell its local professional and high net worth banking business, including A$2.4 billion of loans and $2.7 billion of deposits, to BOQ.Explaining its decision to sell the business, Investec said "a number of businesses which lacked scale or alignment with the greater group were closed during the year."Following the sale, Investec will retain a business in Australia, focusing on corporate and institutional banking, investment banking and property fund management. It will cease to hold a licence as an authorised deposit-taking institution.A spokesperson for BOQ said the completion of the deal was expected around the end of the month, pending regulatory approval. BOQ will not retain the Investec brand.Investec Australia's head of adviser services, Gareth Bird, said in a statement: "The BOQ acquisition provides the ideal infrastructure and balance sheet for us to broaden the scope of our banking offerings to advisers, and we expect to offer a broader range of banking products and services in the near future."

I'm a returning subscriber

*
Password reset *
Login

Request a free trial

  • Emailing you the news at 7am.
  • Covering core lending and funding issues, strategy, payments, regulation, risk management, IT, marketing and more.
  • Original news and summaries of major stories from other media – ditch your newspaper subscriptions.
  • Focused on banking and finance, saving you the time spent wading through newspapers and other services.
  • With reporting from former editors and senior writers from the AFR and The Australian.
  • Configured for your phone, laptop and PC.
Free trial Banking Day
Stay Ahead. Stay Informed.
Concise. Candid. Provocative.
Get the daily banking news that matters
Banking Day – Your trusted source for independent financial insights.
Subscribe Now

Finance regulation

  • States take up the cudgels on eConveyancing
  • Firstmac failed design and distribution rules
  • 'Minimal' bankruptcy reforms tabled by Dreyfus

Consumer lending

  • Latitude, Harvey Norman liable for interest free GO card con
  • Credit quality dogs Zip turnaround

Copyright © WorkDay Media 2003-2025.

Banking Day is a WorkDay Media publication

WorkDay Media Unit Trust

  • Privacy policy
  • Terms of access and use