The Bank of Queensland (branded BOQ) is an Australian retail bank with headquarters in Brisbane, Queensland. The bank is one of the oldest financial institutions in Queensland, and now has branches throughout Australia with a network of 252 branches, including 78 corporate branches and 166 "owner managed" branches.
In 2007, customer satisfaction with the bank was placed at 88%.
Video Bank of Queensland
History
In 1874 the Brisbane Permanent Benefit Building and Investment Society was established as the first permanent building society formed in Queensland. The Society incorporated in 1887, amalgamated with City and Suburban Building Society in 1921, and with Queensland Deposit Bank a decade later.
The company received a trading bank licence in 1942. Until then, what became the Bank of Queensland was a savings bank cum building society. The company changed its name to Bank of Queensland (BOQ) and computerised its operations in 1970, and in 1971, the bank was listed on the Australian Stock Exchange.
The bank incorporated Bank of Queensland Savings Bank as a wholly owned subsidiary in 1982. In 1991 BOQ acquired Stowe Electronic Switching Pty Ltd and renamed it Queensland Electronic Switching Pty Ltd. In 1999, Bank of Hawaii bought 5.8 m shares (approx. 10%) in Bank of Queensland. Two years later Bank of Hawaii sold its 6.2 m shares and 5.4 m convertible notes in Bank of Queensland to refocus on its operations in Hawaii. BOQ acquired the equipment financing business of UFJ Bank in Australia and New Zealand in 2003. The bank also acquired ATM Solutions.
In 2004, BOQ opened branches in New South Wales, Victoria, and the Australian Capital Territory. The following year BOQ acquired the $78 million debtor finance division of ORIX Australia. In 2006 the bank acquired Queensland-based Pioneer Permanent Building Society and opened branches in the Northern Territory and Western Australia. Bank of Queensland merged with Western Australia-based Home Building Society, the Mackay Permanent Building Society and the Queensland-based Pioneer Permanent Building Society in 2007.
In 2009, Citi purchased lending rights on Bank of Queensland, Suncorp, Virgin Money and borrowing wholesale deal in credit card lending acquisition bailout. Application of Citi purchasing rights made in Australian High Court.
In 2010, BOQ joined the rediATM network, and purchased St Andrew's Insurance. St Andrew's is an Australian manufacturer of consumer credit insurance products. It also acquired the Australian and New Zealand divisions of CIT Group Inc, a supplier of vendor finance to small businesses and middle market companies. In 2011, the bank experienced a profit slump due to lending losses from the 2010-2011 Queensland floods.
In 2013 BOQ bought Virgin Money Australia for $40 million. Under the deal, BOQ has rights to the Virgin Money name in Australia for four decades while paying royalties to the Virgin Group, and Virgin has a seat on the BOQ board.
Maps Bank of Queensland
Involvement with Storm Financial
In 2010, it was found that one of the Townsville branches of the Bank of Queensland was giving loans to clients of the collapsed Storm Financial. Australian Securities and Investments Commission undertook compensation suits on behalf of Storm Financial clients against the BOQ.
Awards
BOQ was inducted into the Queensland Business Leaders Hall of Fame in 2014, in recognition of its excellence in providing banking services to Queensland for over a century and its continuing expansion nationally.
See also
- Banking in Australia
- List of banks in Australia
- Financial system in Australia
References
External links
- Bank of Queensland
- Queensland Business Leaders Hall of Fame
Source of the article : Wikipedia
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