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Bank of Queensland

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Bank of Queensland Limited
Company typePublic
ASX: BOQ
IndustryBanking, Financial services
Founded1863; 161 years ago (1863)
HeadquartersBrisbane, Queensland, Australia
Number of locations
Key people
Products
Decrease A$298 million (2019)[1]
Total assetsIncrease A$55.597 billion (2019)[1]
Total equityIncrease A$3.859 billion (2019)[1]
Number of employees
2,098 (2019)[1]
Divisions
Website

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, having begun as a building society, It now has 160 branches throughout Australia, including 65 corporate branches and 95 "owner managed" branches.[1]

In 2007, customer satisfaction with the bank was placed at 88%.[2]

History

A Bank of Queensland was established in 1863. It collapsed in 1866 closing its doors in the severe financial depression[3][4] known as the Panic of 1866. Another bank took the same name in 1917 but disappeared into the National Bank in 1922.

Staff members of the Bank of Queensland, Brisbane, 1922

The history section of the website of the current Bank of Queensland only goes back as far as 1874. It claims that the Bank of Queensland was established then.[5] The Brisbane Permanent Benefit Building and Investment Society was incorporated in 1887. It amalgamated with City and Suburban Building Society in 1921 and with Queensland Deposit Bank a decade later. It remained a savings bank cum building society until a trading bank licence was obtained in 1942 in the name of Brisbane Building and Banking Company.[6]

Brisbane Building and Banking Company changed its name to Bank of Queensland (BOQ) on 1 May 1970 and was listed on the Australian Stock Exchange in 1971. Its operations were computerised in 1970.[7]

Bank of Queensland 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.[7] 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[7] 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.[8]

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.[citation needed]

In 2010, BOQ joined the rediATM network, and purchased St Andrew's Insurance.[7] 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,[7] 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 2010–11 Queensland floods.[9]

In 2013 BOQ bought Virgin Money Australia for $40 million.[10] 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.[10]

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.[11] Australian Securities and Investments Commission undertook compensation suits on behalf of Storm Financial clients against the BOQ.[12]

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.[13][14]

See also

References

  1. ^ a b c d e "BOQ Annual Review 2019" (PDF). Bank of Queensland Limited. 31 August 2019. Retrieved 18 May 2020.
  2. ^ Denny Thomas (19 March 2007). "Bank of Queensland offers to buy Bendigo for $2 bln". Reuters. Thomson Reuters. Retrieved 26 February 2012.
  3. ^ Hodes, Jeremey (15 September 2011). "The Queensland financial crisis of 1866". Queensland History. Retrieved 18 July 2018. Source: S. J. Butlin. Australia and New Zealand Bank: The Bank of Australasia and the Union Bank of Australia Limited, 1828-1951. London, Longmans, 1961, p. 180
  4. ^ "History". North Arm State School. The State of Queensland (Department of Education). Archived from the original on 18 July 2018. Retrieved 18 July 2018. Source: North Arm State School Centenary 1985
  5. ^ "Our History, BOQ". Bank of Queensland. Bank of Queensland. Retrieved 18 July 2018.
  6. ^ The Age (Melbourne, Vic. : 1854 - 1954) Thu 27 Nov 1941 Page 4
  7. ^ a b c d e "Corporate information". Bank of Queensland. Retrieved 26 February 2012.
  8. ^ Stuart Kelly (31 August 2007). "Bank of Queensland Agrees to Acquire Home Building". Bloomberg. Retrieved 26 February 2012.
  9. ^ Eric Johnston (14 April 2011). "Bank of Queensland profit stung by bad debts". the.age.com.au. Fairfax Media. Retrieved 26 February 2012.
  10. ^ a b "Branson sells Virgin Money for $40m". News.com.au. 10 April 2013. Retrieved 30 April 2013.
  11. ^ Fanning, Ellen. "BOQ docs show problems with Storm loans", 60 Minutes, Australia, 4 June 2010. Retrieved on 6 June 2010.
  12. ^ 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.
  13. ^ "Hall of Fame". Queensland Business Leaders Hall of Fame. State Library of Queensland. Archived from the original on 23 October 2018. Retrieved 23 October 2018.
  14. ^ "BOQ". Queensland Business Leaders Hall of Fame. Retrieved 7 August 2017.
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