New BOQEF Head to Diversify Business

Thursday, 08/05/2008 

Bank of Queensland has appointed a former director in ANZ’s Institutional Banking business, Brandon Stannett, to head its Equipment Finance business and maintain the growth of its $2.9 billion EF portfolio.

In a 15-year career with ANZ, Mr Stannett gained experience in retail, business and corporate banking. He has degrees in both Economics and Commerce and is a qualified CPA.

Group Executive Business Financial Services David Marshall said he was pleased to be able to attract someone of Stannett’s skills and experience to maintain the momentum so far achieved in BOQ’s equipment finance business. 

“This speaks volumes for BOQ’s reputation and potential,” Mr Marshall said.

EF is one of BOQ’s strongest performing divisions, contributing a significant portion of the business banking component of the Bank’s record interim (normalised cash) NPAT of $65.3 million announced recently.

“Brandon’s brief is to continue this growth through diversifying our product range and distribution channels, as well as maintaining strong relationships with our business banking, Owner-Manager and broker networks.

“Our EF operation is a unique end-to-end business covering sales, product and processing under one roof, so this offers greater flexibility and faster decisions for our customers. 

“Simply put, it is more straightforward for our customers.

“A 2007 East & Partners’ customer service report ranked BOQ as the number one EF provider to brokers in Australia.

“A key aspect of Brandon’s role will be supporting our growing business banking and Owner-Manager networks in selling leasing products.  We see big opportunities in this channel,” Mr Marshall said.