Bank of Queensland and Western Australian member organisation HBF today confirmed their alliance following the signing of a Memorandum Of Understanding (MOU) in April.
Bank of Queensland Managing Director David Liddy said the signing of formal contracts between the parties opened the way for BOQ to provide financial products to HBF.
HBF intends to initially offer its 900,000 members home loans and is currently considering other financial products which will be provided and supported by Bank of Queensland.
“This is a major step forward for Bank of Queensland in its development and will provide a significant new revenue stream for the Bank,” Mr Liddy said.
“Following several months of due diligence by both parties, I am delighted the alliance is moving on to the next level,” he said.
”Culturally Bank of Queensland and HBF are well-matched, particularly with our mutual focus on excellent customer service.”
Mr Liddy said the alliance with HBF gave BOQ a great opportunity to utilise the loan processing capacity it had within its new IT platform, along with its outsourcing agreement with EDS.
“BOQ, through its outsourcing relationship with EDS and the massive transformation of its IT capability over the last four years, has the capacity to take on higher volumes and the HBF agreement gives us a way of utilising that spare capacity.
“It also provides BOQ products to a new range of customers in a new market which we are also opening up through our own branches and business banking assets,” Mr Liddy said.