DLA Piper has advised Bank of Queensland (ASX: BOQ) on its AU$20 million acquisition of Centrepoint Alliance Limited's Premium Funding business.

Centrepoint Alliance Limited (ASX: CAF) is an Australian network of non-institutional advisers and brokers in financial services. Their Premium Funding division is a leader in business insurance premium funding, originating around 30,000 new loans a year.

Bank of Queensland (BOQ) will acquire 100 per cent of the business, which will form a new division within BOQ Finance.

The DLA Piper team was led by Brisbane Corporate partner Lyndon Masters, with Corporate partners Samantha O'Brien and Bryan Pointon, and senior associate Kelly Morrison.

Lyndon Masters said: "We are delighted to act for BOQ on this transaction, which represents a strategic fit for the BOQ Finance business, as they continue to grow with specialist business segments. The acquisition will also complement their existing finance and banking product offering."

The transaction is expected to be complete by 30 December 2016.