BOQ announces 10 new branches, strong interstate lending growth

Bank of Queensland today announced 10 new branch openings and strong branch lending approvals for its aggressive interstate expansion.


Managing Director David Liddy said today that the expansion was well on track to hit the target of 100 interstate branches by August 2006, with interstate branches at 28 with this latest announcement.


Bank of Queensland today announced that Owner-Managers had been appointed and sites secured in World Square, Manly, Maroubra Junction, North Sydney and Hurstville in Sydney and Charlestown and Tweed Heads South in New South Wales along with South Melbourne, Hampton and Ringwood in Victoria.


Tweed Heads South and South Melbourne branches opened their doors this week. Bank of Queensland will also open a branch in Surfers Paradise this month, bringing the number of branches in Queensland to 138, plus the 28 interstate branches following today's announcement.


“Importantly, we are now starting to see strong results from those interstate branches which have been opened since the interstate expansion began in August last year,” Mr Liddy said.


“Approvals for our interstate branches are actually ahead of equivalent Queensland branches at the same time, and we are seeing strong lending and deposit activity.


“We have seen approval growth of 140% above our Queensland Owner-Managed Branches at a comparable stage,” he said.


“This is particularly rewarding as it proves that the Bank of Queensland franchised branch model, which has proved so successful in Queensland over the last three years, can be equally as successful interstate,” he said.


Bank of Queensland is still looking for qualified Owner-Managers to take on the challenge of owning a Bank of Queensland franchise.


“We have attracted some of the very best bankers to take on our interstate franchises and it is showing in the early results,” Mr Liddy said.


“The great advantage of the BOQ branch model is that the customer gets the true advantage of top level customer service, the Owner-Manager gets their own business and a strong income and Bank of Queensland gets to build a strong network from Cairns to Geelong.


“Importantly, many of these branches are in towns or suburbs where the other banks have pulled out in the last 20 years, giving us unprecedented public acceptance and genuine person-to-person service for customers, whether they are retail or business, big or small,” Mr Liddy said.