Australian Stocks Bank of Queensland (BOQ)

Currently in Australian Stocks news is,  Bank of Queensland.

Bank of Queensland (BOQ) is financial institution which is ranked in the top ASX 100 and has a market capitalisation of $2.6 billion. Its focus is on providing financial products and services to retail customers.

In Australian stocks news, BOQ is to acquire US-based CIT Group’s Australian and New Zealand businesses.

Under the terms of the agreement, BOQ will purchase CIT’s vendor equipment finance business, which operates in the IT and office market.

Bank Of Queensland has a significant equipment finance book, worth approximately $3.4 billion, and the CIT acquisition will represent around 15% of the book.

BOQ Australian share price has shown strength stemming from early February 2010. However, its share price is displaying a slight pullback at this stage. BOQ last close price settled at $12.72.