Bulletin: Bank of Queensland Funds Technology Initiatives With Equity Raising

MELBOURNE (S&P Global Ratings) Nov. 25, 2019--S&P Global Ratings today said that Bank of Queensland Ltd.'s (BoQ; BBB+/Stable/A-2) A$275 million capital raising launched today will help fund the bank's technology capabilities, which currently lag some of its peers. The move also provides the bank with additional flexibility to fund its business growth ensuring its capitalization remains strong and supportive of current ratings. BoQ today launched a capital raising comprising a fully underwritten A$250 million institutional share placement and a nonunderwritten share purchase plan under which the bank is targeting to raise about A$25 million. We expect the completed offer to increase BoQ's Aug. 31, 2019, core equity tier 1 (CET1) capital ratio by about 80 basis points to around 9.85%

...November 24, 2019 MELBOURNE (S&P Global Ratings) Nov. 25, 2019--S&P Global Ratings today said that Bank of Queensland Ltd.'s (BoQ; ###+/Stable/A-2) A$275 million capital raising launched today will help fund the bank's technology capabilities, which currently lag some of its peers. The move also provides the bank with additional flexibility to fund its business growth ensuring its capitalization remains strong and supportive of current ratings. BoQ today launched a capital raising comprising a fully underwritten A$250 million institutional share placement and a nonunderwritten share purchase plan under which the bank is targeting to raise about A$25 million. We expect the completed offer to increase BoQ's Aug. 31, 2019, core equity tier 1 (CET1) capital ratio by about 80 basis points to around 9.85% on a pro forma basis. As a result, BoQ's risk-adjusted capital (RAC) ratio would also increase to about 15.2% on a pro forma basis. However, we expect that BoQ will manage its RAC ratio between...

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