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BoQ completes premium funding acquisition

AAP logoAAP 30/12/2016

Bank of Queensland has completed the $20 million acquisition of Centrepoint Alliance's premium funding business as it targets profitable niche lending.

Centrepoint Alliance Premium Funding, which makes about 30,000 loans annually to small and medium sized enterprises, is a bolt-on acquisition that will be rebranded as a new division within the lender's existing BOQ Finance unit.

Bank of Queensland shares closed 11 cents weaker at $11.88, in line with the decline in the broader financial sector.

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