History
A Bank of Queensland was established in 1863. It collapsed in 1866 closing its doors in the severe financial depression[8][9] known as the Panic of 1866. Another bank took the same name in 1917 but disappeared into the National Bank in 1922.
The current Bank of Queensland was established in 1874 as The Brisbane Permanent Benefit Building and Investment Society.[10] It was incorporated in 1887. It amalgamated with City and Suburban Building Society in 1921 and with Queensland Deposit Bank a decade later. It remained a savings bank come building society until a trading bank licence was obtained in 1942 in the name of Brisbane Building and Banking Company.[11]
Brisbane Building and Banking Company changed its name to Bank of Queensland (BOQ) on 1 May 1970 and was listed on the Australian Securities Exchange in 1971. Its operations were computerised in 1970.[12]
Bank of Queensland incorporated Bank of Queensland Savings Bank as a wholly owned subsidiary in 1982. In 1991 BOQ acquired Stowe Electronic Switching Pty Ltd and renamed it Queensland Electronic Switching Pty Ltd.
In 1999, Bank of Hawaii bought 5.8 m shares (approx. 10%) in Bank of Queensland. Two years later Bank of Hawaii sold its 6.2 m shares and 5.4 m convertible notes in Bank of Queensland to refocus on its operations in Hawaii.
In 2002, the Bank launched the tagline "bank different" which was to be their branding until 2011.
BOQ acquired the equipment financing business of UFJ Bank in Australia and New Zealand in 2003.[12] The bank also acquired ATM Solutions.
Between 2001 and 2004, BOQ accelerated its branch opening program, opening 55 new branches throughout Queensland and then branches in New South Wales, Victoria, and the Australian Capital Territory in 2004.The following year BOQ acquired the $78 million debtor finance division of Orix Australia. In 2006 the bank acquired Queensland-based Pioneer Permanent Building Society[12] with full integration completed in November 2007.[13]
The bank opened branches in the Northern Territory and Western Australia in 2006 and then merged with Western Australia-based Home Building Society and the Queensland-based Mackay Permanent Building Society in 2007.[14]
In 2010, BOQ joined the rediATM network, and purchased St Andrew's Insurance.[12] St Andrew's is an Australian manufacturer of consumer credit insurance products. It also acquired the Australian and New Zealand divisions of CIT Group Inc,[12] a supplier of vendor finance to small businesses and middle market companies. In that year, BOQ launched a new slogan "Your own personal bank" which was replaced in 2013.[15]
In 2011, the bank experienced a profit slump due to lending losses from the 2010–11 Queensland floods.[16]
In 2013 BOQ bought Virgin Money Australia for $40 million. Under the deal, BOQ has rights to the Virgin Money name in Australia for four decades while paying royalties to the Virgin Group, and Virgin has a seat on the BOQ board.[17]
BOQ launched a new branding in 2013 – “It’s possible to love a bank".[18]
BOQ launched a new five-year five pillar strategy focused on growth and digitisation in February 2020. This included reducing some of the 220 banking products it offered and reducing processing times to counter underperformance[19]
In January 2021, BOQ was given approval by the Australian Competition & Consumer Commission to purchase ME Bank[20] for $A1.3 billion raised through an underwritten capital raising of $A1.35 billion. Half of the Bank of Queensland's customers are in Queensland with another 30% split across New South Wales and Western Australia. One third of ME Bank's with another 47% based in New South Wales and Queensland. Combined, the group will have pro forma total assets over $88 billion, with total deposits of more than $56 billion.[21] The ME brand will be maintained together with BOQ and Virgin Money. The purchase was approved by the Treasurer of Australia in June 2021, with the sale expected to be completed on 1 July 2021.[22]
In October 2021, BOQ sold its St Andrew's Insurance business to Farmcove Investment Holdings for $23 million.[23]
In August 2024, BOQ announced it would make up to 400 employees redundant and end its franchise model, moving to a corporate-owned branch structure by March 2025.[24]
