Investec is a privately listed firm on both London and Johannesburg bourses. The investment bank said on Friday that the Back of Queensland (BoQ) has purchased the company’s Australian arm. The deal between Investec’s Investec Bank Australia Limited (IBAL) and Bank of Queensland was valued USD414 million.

The transaction also drives more than 310 IBAL workers to transfer to BoQ, reported Ventures Africa. The deal is still pending regulatory approvals. Meanwhile, Investec said that it would disclose further information after the deal meets the satisfaction of regulating authorities within the year.

On the other hand, the lenders in Australia have been driven to the improved credit value along the decreasing capital outlay of businesses, reported Ventures Africa.

John Buonaccoursi, a CIMB banking analyst said through a Reuters interview, “It (the deal) broadens the scope of the existing (small to medium enterprise) book away from Queensland and away from commercial property into safer businesses below the border where there’s more growth.”