Investec Bank's last hurrah
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."