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Sale of Investec Bank (Australia) Limited's (IBAL's) Professional Finance & Asset Finance & Leasing businesses
Investec Limited Investec plc
Incorporated in the Republic of South Africa Incorporated in England and Wales
Registration number 1925/002833/06 Registration number 3633621
JSE share code: INL LSE share code: INVP
NSX share code: IVD JSE share code: INP
BSE share code: INVESTEC ISIN: GB00B17BBQ50
ISIN: ZAE000081949
Sale of Investec Bank (Australia) Limited's (IBAL's) Professional Finance and Asset
Finance and Leasing businesses and deposit book
The Board of Investec (comprising Investec plc and Investec Limited) refers you to the
announcement made by Bank of Queensland Limited (BOQ) today.
Investec confirms that it has entered into a definitive contract with BOQ to purchase IBAL's
Professional Finance and Asset Finance and Leasing businesses and its deposit book. A total
team of over 310 people will be transferring to BOQ. The consideration price has been agreed
at an AUD210 million premium to tangible net asset value (NAV), for the shares in IBAL.
Upon conclusion of the transaction, IBAL will repatriate its entire NAV to Investec Holdings
Australia Limited. The consideration price for the sale assets is prior to transaction costs and
any costs that may arise following the restructure. Furthermore, it is a requirement of the
transaction to transfer all non-sale assets and liabilities and contractual agreements out of
IBAL prior to conclusion of the sale.
It is estimated that upon completion of the sale and restructure, Investec plc’s common equity
tier 1 ratio will increase by approximately 1.5% to about 10.6%.
The agreement with BOQ represents a significant opportunity for both the Professional
Finance and Asset Finance and Leasing businesses as they pursue their next phase of
growth and recognises Investec's investment in these businesses over the past few years.
The transaction is subject to regulatory approval. Further details will be provided when the
transaction becomes unconditional.
For further information please contact:
Investec Investor Relations
UK: +44 (0) 207 597 5546
South Africa: +27 (0) 11 286 7070
investorrelations@investec.com
About Investec
Investec is an international specialist bank and asset manager that provides a diverse range
of financial products and services to a niche client base in three principal markets, the United
Kingdom, South Africa and Australia as well as certain other countries. The group was
established in 1974 and currently has approximately 8 200 employees.
Investec focuses on delivering distinctive profitable solutions for its clients in three core areas
of activity namely, Asset Management, Wealth & Investment and Specialist Banking.
In July 2002 the Investec group implemented a dual listed company structure with listings on
the London and Johannesburg Stock Exchanges. The combined group’s current market
capitalisation is approximately GBP4.5 billion.
11 April 2014
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