Howarth to join BOQ board after Home takeover

Home Building Society chairman Tony Howarth has been invited to join the Bank of Queensland board, subject to BoQ's recommended $592 million takeover of Home proceeding.

The full text of a joint announcement is pasted below

Bank of Queensland (BOQ) Chairman Neil Roberts today announced that Home Building Society Chairman Tony Howarth had accepted an invitation to join the BOQ Board.

Bank of Queensland and Home Building Society (Home) announced on August 31 this year that the Home Board had recommended a proposal by BOQ to merge the two companies. Mr Howarth's BOQ Board appointment is subject to the transaction proceeding and would take effect only after the proposed scheme of arrangement is approved and implemented.

"I know the merged group, should the transaction proceed, will benefit greatly from Tony's extensive experience of the finance sector, and his specific knowledge of the Home business," Mr Roberts said.

"As a banker Tony brings a great understanding of the industry, as a Director he will bring extensive Board experience and as a West Australian he also has a genuine understanding of that State which will be important as we move forward with the friendly merger of the two companies," he said.

Mr Howarth has 30 years' experience in the banking and finance industry including former positions as Managing Director of Challenge Bank and CEO of Hartleys Limited. He is currently chairman of Mermaid Marine Australia Limited and a director of Wesfarmers Limited and AWB Limited. He is also extensively involved in the Western Australian Community being Chairman of the Committee for Perth, St John of God Health Care Group and a director of the Rio-Tinto WA Future Fund, Western Australian Community Foundation and a Past President of the Western Australian Chamber of Commerce and Industry.

Mr Howarth said that, should the merger proceed, he looked forward to joining the high-performing BOQ Board.

"I think this is a very exciting time for Bank of Queensland and for Home and I look forward to continuing an active role in the merged group's future expansion in Western Australia and helping to ensure future benefits for its shareholders, staff and customers," he said.