KWM advises on major capital raise

King & Wood Mallesons (KWM) has helped Bank of Queensland (BOQ) on a major capital raise.

The top firm helped the retail bank on its $250m institutional placing and a $25m targeted share purchase plan.

Partners Rhys Casey and Ian Paterson led the KWM team, which included senior associate Isaac Evans and solicitor Emily Travers-Jones. Casey said that the raising further bolsters the bank’s balance sheet, as well as provides a platform for the bank to pursue its strategic priorities.

The work continues KWM’s work for BOQ, which it also advised on its Additional Tier 1 Capital Notes offer in 2017.

“The funds raised will provide BOQ with an increased buffer above APRA’s ‘unquestionably strong’ Common Equity Tier 1 capital ratio benchmark and create additional capacity to support the implementation of BOQ’s strategic transformation,” KWM said.