Bank of Queensland (BOQ)

Shares / Stock Code

BOQ

Stock Exchange / Sharemarket

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Bank of Queensland (BOQ) is a company engaged in the provision of financial, banking and related services. It operates network in New South Wales, Queensland, ACT, Victoria, Western Australia and Northern Territory. BOQ was listed on the Australian Stock Exchange on the 24th of August 1971. Its average annual revenue reaches approximately AUD$500 million. Its headquarters is located in Brisbane, Australia. Bank of Queensland operates mainly in two business division: personal banking and business division. BOQ is in the financial sector and in the banks industry group and more specifically it is in the commerical banking industry.

The Bank of Queensland operates 237 branches comprised of 187 owner managed branches (OMB). It also operates 11 equipment finance centres as well as 16 business banking centres. Included in the personal banking services of Bank of Queensland Limited are the wealth management services, loans, investment and savings schemes as well as insurance services. It also provides margin lending service to their customers for the establishment of investment portfolio.

The business division of Bank of Queensland is engaged in the provision of services that include transaction accounts, loans, equipment finance, investment accounts, merchant services, statutory trust accounts, international services, business card and commercial insurance to different companies. It also provides property finance services for the funding of residential, retail, industrial and commercial investments and property developments. Its other services include online banking services such as phone banking and internet banking.

Bank of Queensland (BOQ) Company History

The Bank of Queensland was first formed as the first permanent building society in Queensland called the Brisbane Permanent Benefit Building and Investment Society. The society was founded in 1874 and it was converted to become a bank in 1887.

In 1942, it acquired a license to function as a trading bank after joining with other financial institutions in Queensland. Bank of Queensland was finally created in 1970 after its system was centrally computerised. It became traded company after it was enlisted on the Australian Stock Exchange in 1971

It spread its network to the entire seaboard and established in Cairns and Towns, its first regional branches in 1985. Stowe Electronic Switching was modified by Queensland following its acquisition in 1991.

A branch in Warner was founded and it was the first and only bank in that region in 2003. UFJ Finance, an international equipment finance business in Australia and ATM Solutions Australasia were purchased during 2003. 31 new annexes were established in Sydney, Ballina, Victoria regions and New South Wales in 2005. Debtor Finance division in Orix Australia and its national distribution network was bought by the company. Macquarie Payments Infrastructure Holdings purchased ATM Solutions Australasia. The bank’s interest in NZ ATM Services was traded in 2005.

BOQ joined Macquarie Bank and Genesys Wealth Management and entered the wealth management industry in April 2006. Two branches were established in Subiaco and Darwin, Australia in May 2006. Bank of Queensland had an agreement with EFTPOS for it to provide managed payment services to the entire fleet of the Bank. Powerhouse in Central and North Queensland was created after merging with ASX-listed Pioneer Permanent Building Society in August 2006.

Citibank agreed to provide branded cards to BOQ customers in December 2006. An exclusive Heads of Agreement was done with Citibank to sell credit card portfolio. A branch in Tasmanian, Launceston was established in the same month.

In January 2007, two branches were established in Joondalup and Perth in Western Australia. A Scheme of Arrangement was done with Board of Bendigo Bank in March 2007 - a merger which was not successful. Home Board approached BOQ to merge the two companies in August 2007. They successfully acquired Home Building Society in December 2007.