Bank of Queensland Limited (ASX:BOQ) has raised $300 million from its convertible preference shares offer, upgraded from its original $200 million target.
Bank of Queensland finance chief Anthony Rose says the issue further strengthens BOQ’s balance sheet and ensures its capital ratios are market leading.
The CPS will qualify as tier 1 capital for the bank according to current regulator prudential standards.
Mr Rose says the CPS will be classified as debt for accounting purposes, however dividends paid will be treated as an interest expense within BoQ’s consolidated result.
Bank of Queensland reported a $17.1 million loss for its 2012 financial year.
