Former Colonial First State chief executive Brian Bissaker will join Bank of Queensland (BOQ) to head up Virgin Money.
BOQ announced it would acquire Virgin Money for a total purchase price of $40 million, with the acquisition expected to be completed on April 30.
Former CFS chief executuive Brian Bissaker will take on the role of Virgin Money chief executive. Virgin Money will continue to operate on a standalone basis, according to the statement to the Australian Securities Exchange.
The purchase price includes $30 million in BOQ shares, subject to a 12 month holding lock, according to the statement.
The Virgin Group will gain a seat on the BOQ board. Incumbent Virgin Money managing director David Curneen will leave the business but act as a consultant for a period, according to the statement.
Mr Bissaker left the Commonwealth Bank Group in May 2012 following a restructure.
