Bank of Queensland

By: EconomyWatch Content   Date: 30 October 2009

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Bank of Queensland (BoQ) is Australia’s fastest growing retail bank, with a network of more than 280 branches. The bank is one of the country’s top 100 listed companies.  

Bank of Queensland: History

Established in 1874 as The Brisbane Permanent Benefit Building and Investment Society, Bank of Queensland was the first building society formed in Queensland. Although the society was converted to a bank in 1887, it was not until 1970 that the bank was christened as Bank of Queensland. In 1971, Bank Of Queensland became a publicly traded company and was listed on the Australian Stock Exchange.

The bank opened its first regional branches, Cairns and Townsville, in 1985. Bank of Queensland implemented an accelerated branch opening program between 2001 and 2004 and opened 55 new branches through metropolitan and rural Queensland.

Key acquisitions made by Bank of Queensland

The bank acquired:

  • Stowe Electronic Switching Pty Ltd (renamed Queensland Electronic Switching Pty Ltd) in 1991.

  • The equipment financing business of UFJ Bank in Australia and New Zealand in 2003.

  • ATM Solutions in 2003 (this gave BoQ the second largest ATM network in Australia).

  • $78 million debtor finance division of ORIX Australia in 2005 (strengthening BoQ’s position in the debtor finance industry).

  • Pioneer Permanent Building Society in 2006.

BoQ’s merger with Western Australia-based Home Building Society and Pioneer Permanent Building Society in 2007 strengthened the bank’s position in Central and North Queensland and Western Australia.  

Bank of Queensland: Services 

  • Personal Banking: This service offers customers greater control over the management of their finances through solutions such as credit cards, loans, private banking, savings and investments. The solutions offered by this segment are designed to help customers spend more time doing the things they enjoy and less time managing their money.

  • Business Banking: Through this service unit, customers can have access to business loans, merchant services, business card, cashflow finance and equipment finance.

  • Online Banking: Through facilities such as Internet Banking, EasyPhone and Mobile Banking, this service can give Bank of Queensland customers quick and easy access to all the banking solutions offered by the bank.


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