BOQ hits 100 franchised bank branches

Bank of Queensland this week broke through 100 franchised bank branches with the openings of branches at Tweed Heads South and South Melbourne.


BOQ Group Executive, Retail, Donna Quinn said the bank now had 100 franchised branches across Queensland, NSW, Victoria and the ACT and another 58 corporate branches in Queensland.


“There is no doubt that Bank of Queensland has the runs on the board when it comes to franchised banking in Australia,” Ms Quinn said.


“Bank of Queensland has shown that our Owner-Managed Branch franchised banking model gives customers the best of both worlds – more branches and better service along with the backing of a 130-year-old bank and the security that goes with that,” she said.


Bank of Queensland announced this week that it would soon have another eight interstate branches, bringing the total to 28 which have opened interstate since August last year.


The Bank announced in October 2003 that it would open 100 interstate branches by August 2006.


“Bank of Queensland has shown that its Owner-Managed Branch franchise model allows it to expand its branch footprint quickly at a much lower cost to the Bank than equivalent corporate branches,” Ms Quinn said.


“Not only do we now have a competitive bank branch network in Queensland but we are quickly expanding into key Sydney and Melbourne suburbs, including the CBD, and regional New South Wales and Victoria and the ACT.


“Even more importantly, we are seeing early results from those interstate branches opened last year which show they are exceeding our expectations when it comes to lending approvals and deposit growth,” she said.


Bank of Queensland launched its Owner-Managed Branch concept in 2001. The model was designed by Bank of Queensland and the Bank has stringent selection criteria for Owner-Managers.


“Owner-Managers must be bankers, and we reject 14 out of every 15 approaches we get to open one of our franchised branches,” Ms Quinn said.


“We have successfully attracted not just leading bank managers from other banks, but also senior private, business and personal bankers who look for the challenge of running their own business and returning to a genuine customer service focus,” she said.