Bank of Queensland is Australia’s fastest-growing retail bank with a network of more than 280 branches, and one of the country’s top 100 listed companies.
During our rich 134-year history, we have grown hand-in-hand with Queensland. An aggressive interstate expansion program made possible by the Bank’s unique Owner-Managed Branch model has seen BOQ achieve a national reach in 2007, with branches in every Australian state and territory.
The Bank was established in 1874 as The Brisbane Permanent Benefit Building and Investment Society, the first permanent building society formed in Queensland.
In 1887, the society converted to a bank. Then in 1942, following mergers with other Queensland-based financial institutions, became a trading bank.
The name Bank of Queensland was adopted in 1970, just as the Bank's operations were computerised. A year later the Bank became a publicly traded company listed on the Australian Stock Exchange.
In 1982, the Bank incorporated Bank of Queensland Savings Bank Ltd as a wholly owned subsidiary. Stowe Electronic Switching Pty Ltd was acquired in 1991 and renamed Queensland Electronic Switching Pty Ltd.
The Bank’s first regional branches — Cairns and Townsville — were opened in 1985. Between 2001 and 2004, an accelerated branch opening program saw us open 55 new branches throughout metropolitan, regional and rural Queensland, the perfect springboard from which to launch our national expansion.
In 2003, the Bank made two key acquisitions. BOQ purchased convenience ATM provider ATM Solutions Australasia, which it subsequently doubled in value and sold for a net profit of $15 million. The Bank still maintains one of the most widespread ATM networks in Australia, with over 2,500 ATMs.
BOQ also purchased equipment finance company UFJ Finance Australia, giving us our first significant interstate presence and positioning us as a major player in the $20 billion equipment finance industry. In 2005, BOQ acquired the $78 million debtor finance division of ORIX Australia, further strengthening our position in the debtor finance industry.
In August 2007, Bank of Queensland made a successful bid for the Mackay-based Pioneer Permanent Building Society, providing the Bank with strong market synergies in the booming Central and North Queensland economies.
Most recently, in November 2007, members of Home Building Society in Western Australia overwhelmingly endorsed our $592 million merger proposal. This merger with Home delivered an additional 35 branches, access to the strong growth economy in Western Australia and further increased BOQ's national footprint.