Bank of Queensland
|Traded as||ASX: BOQ|
|Headquarters||Head Office Brisbane, Australia|
|Key people||Neil Summerson, Chairman
Stuart Grimshaw, Managing Director and Chief Executive Officer
|Products||Financial products and services|
|Net income||176,600,000 (2011) |
|Total assets||39,900,800,000 (2011) |
|Total equity||2,573,600,000 (2011) |
Bank of Queensland (branded BOQ) is a retail bank in Queensland, Australia. The bank is one of the oldest financial institutions in Queensland, with a network of almost 270 branches, including 152 in Queensland, 52 in New South Wales, 23 in Victoria and 34 in Western Australia. Following the Home Building Society and Pioneer mergers, it now has more than 650,000 customers.
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. The company amalgamated with City and Suburban Building Society in 1921. The company amalgamated with Queensland Deposit Bank a decade later.
The company received a licence to operate as a trading bank in 1942. Until this point, what became the Bank of Queensland was a savings bank cum building society, not a 'trading bank'. The company changed its name to Bank of Queensland (BOQ) and computerised its operations in 1970. 1971 saw the bank become a publicly traded company 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 2010, BOQ 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.
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.
- "Bank of Queensland Annual Report 2011". Bank of Queensland. 31 August 2011. Retrieved 26 February 2012.
- Denny Thomas (19 March 2007). "Bank of Queensland offers to buy Bendigo for $2 bln". Reuters (Thomson Reuters). Retrieved 26 February 2012.
- "Corporate information". Bank of Queensland. Retrieved 26 February 2012.
- Stuart Kelly (31 August 2007). "Bank of Queensland Agrees to Acquire Home Building". Bloomberg. Retrieved 26 February 2012.
- Eric Johnston (14 April 2011). "Bank of Queensland profit stung by bad debts". the.age.com.au (Fairfax Media). Retrieved 26 February 2012.
- Fanning, Ellen. "BOQ docs show problems with Storm loans", 60 Minutes, Australia, 4 June 2010. Retrieved on 6 June 2010.
- Elisabeth Sexton (8 February 2012). "Pair pin Storm's fall on bank and ASIC failures". The Sydney Morning Herald (Fairfax Media). Retrieved 26 February 2012.