Australia's Bank of Queensland buys Investec commercial arm

SYDNEY, April 11 Thu Apr 10, 2014 8:18pm EDT

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SYDNEY, April 11 (Reuters) - Australia's Bank of Queensland Ltd said on Friday it will buy Investec Bank (Australia) Ltd's business finance and asset leasing unit for A$440 million ($414.33 million).

BoQ said the acquisition will give it a A$2.4 billion loan portfolio with relatively low risk and attractive margins, growing the regional bank's commercial loan portfolio by 38 percent. ($1 = 1.0620 Australian Dollars) (Reporting by Byron Kaye; Editing by Stephen Coates)