• Bank of Queensland Limited
• Website: www.boq.com.au

Industry:

Commercial Banks

Fiscal Year-End:

Aug 10

BOQ is a Queensland-based regional bank that offers a range of retail and business banking products and services. It operates a network of branches, agencies, electronic banking outlets. The bank is consolidating its position in Queensland following a branch expansion program and is embarking on a successful interstate expansion using its unique owner-managed branch model. BOQ launched an unsuccessful bid for BEN in March 2007, and successfully acquired Home Building Society in December 2007.

BOQ's origins date back to 1874 when it was known as the Brisbane Permanent Benefit Building and Investment Society. It was not until 1970 that it became known as BOQ. It declined an offer to merge with Suncorp-Metway in 1996, resulting in the then 44% interest in BOQ, previously held by Suncorp, being transferred to the Queensland state government. In early November 1999, the government sold its entire holding in BOQ. In December 2007 BOQ acquired Home Building Society.

BOQ operates primarily in the Queensland retail banking and financial services market, with a growing interstate presence. The bank sold its ATM network to Macquarie Bank in July 2005. BOQ is undertaking a major interstate expansion, mainly in NSW and Victoria. The owner-managed branch model is being expanded nationally, and BOQ is expecting to expand further into the small business banking segment. The acquisition of Home Building Society in December 2007 gives BOQ exposure to WA.

Similar to other regional banks with a building society background, BOQ enjoys a strong brand name and customer loyalty in Queensland. BOQ seeks to differentiate itself by offering a customer-focused approach to banking, with its unique owner-managed branch model helping to drive this focus.

BOQ provides a range of banking and finance products and services to retail, regional and small to medium business customers. Major competitors are the major banks, regional banks in some states and mortgage originators. In Queensland, its major competitor is Suncorp-Metway.