Bank of Queensland (BOQ)

The Bank of Queensland (BOQ) is known as one of the oldest and most successful financial institutions in the state and the country as a whole. As a proof of its undeniable huge success, the bank is literally ubiquitous in the country, thanks to its approximately 240 branches.

The Bank of Queensland has been receiving significant recognitions and high praises for its unmatched banking products and services. Apart from being among the best firms in Australia, the Bank was labeled as the Best Performing Regional Bank in the Financial Institutions Performance Survey in the 1990s and was also given the Choice Regional Bank of the Year award in 2001. And to top it all, the Banking and Finance Industry named the Bank of Queensland as the Best Regional Bank in 2004.

History of the Bank of Queensland

The Bank of Queensland was established more than 130 years ago. In 1874, the company was called The Brisbane Permanent Benefit Building and Investment Society. It has been a very popular firm because it is the state's first permanent building society. After merely 13 years of existence, the Society experienced a major reorganization and it was made into a banking institution.

The Society became a certified trading bank in 1942 when it merged with other financial institutions in Queensland. It was in 1970 when the company used Bank of Queensland as its trademark. It was also during that year that the bank decided to adopt computer-based operations. And because of its excellent banking performance, the Bank of Queensland was included on the Australian Stock Exchange's list of publicly-traded firms.

Came 1982, the Bank of Queensland merged with the Bank of Queensland Savings Bank Ltd. The savings bank became BOQ's wholly-owned subsidiary and later on, the Bank was able to purchase Stowe Electronic Switching Pty Ltd, which was later called Queensland Electronic Switching Pty Ltd.

The BOQ started to expand in 1985 when it opened its branches in Townsville and Cairns. It was the Bank's first move for massive expansions. The jumping-off point of the Bank's national expansion took place between the years 2001 and 2004. The BOQ became bigger because it opened more than 50 branches in various cities and regions of the state.

In 2007, the Bank of Queensland has achieved its national reach by making its count of branches up to 240. Proving that the BOQ has invaded Australia, it has branches in all the states and territories of the country. The expansion program behind this nationwide growth is called the Owner-Managed Branch Model, which enables people to own and run the Bank of Queensland's local branches. In this operation, the franchisees are assured with the security and product range of the BOQ.

Aside from expansion, the Bank also aims to provide utmost banking services. To do this, the Bank of Queensland made two purchases in 2003. It bought the ATM Solutions Australasia and the UFJ Finance Australia. First, the Bank purchased ATM Solutions Australasia, an ATM provider. When the Bank of Queensland was able to double the ATM provider's value, the Bank sold it and gained a whopping net profit worth $15 million. Then, the Bank purchased UFJ Finance Australia, an equipment finance firm. The BOQ was able to give the said company fame and made it as an important member of the billion-dollar industry of equipment finance.

Among the other important purchases of the Bank of Queensland include the acquisitions of ORIX Australia's debtor finance division and the Mackay based Pioneer Permanent Building Society.

Banking Products and Services

The banking system of the Bank of Queensland has three major divisions: personal banking, business banking, and online banking.

In personal banking, the BOQ is concerned with the wealth management of its valued clients. The bank offers banking solutions to its customers who need assistance in managing their finances. With the Bank's array of outstanding products and services, its clients can be efficient in spending and budgeting their money. The Bank provides special services on wealth management like private bank, savings, and investment.

Among the products that the Bank offers include:

The Bank of Queensland offers several credit cards such as the:

  • Bank of Queensland Gold MasterCard Credit Card
  • Bank of Queensland Interest Free Days Credit Card
  • Bank of Queensland Low Rate Visa Credit Card
  • Bank of Queensland No Interest Free Days Credit Card

Meanwhile, business banking involves in assisting entrepreneurs to make sound business decisions. The Bank of Queensland has business bank managers who assess its clients' businesses so it can help them in things like financing and overdraft approvals. Business banking also provides the Bank's clients with convenience because they can call their business managers whenever they need them.

The available services that the BOQ offers are business transaction accounts, business investment accounts, statutory trust accounts, merchant services, and farm management. It also deals with finance needs such as equipment finance, business cards, debtor finance, commercial insurance, and business loans.

The Bank of Queensland also provides banking products and services through its online banking. Using the Internet and other electronic media, the BOQ has made banking more convenient and much easier. Clients can use the Bank's electronic banking options to acquire their banking needs in no time. Through the BOQ's online banking, customers can have their banking transaction attended to and done via their computers and telephone.

Clients can check out the Bank of Queensland's enhanced Internet banking features and enhanced Internet banking security to learn more about its advanced banking options. Inquiring and applying at the Bank have also been made easier with its EasyPhone banking and Internet banking.

In addition, clients can access their business accounts through the BOQ's EasyLink. Here, the clients can use their dial-up network connection, which is connected directly to the Bank of Queensland via their browser, instead of the Net.

The Bank of Queensland And the Community

The Bank of Queensland invests in the communities of its concern. Aside from offering excellent banking services, the BOQ branches help the people from the different communities through contributions, sponsorships, and fund raising. The Bank forms numerous partnerships to help young people in their projects and activities. It also has community efforts that focus on helping the Bank's shareholders and staff. Furthermore, the Bank of Queensland is a known sponsor of various sports, education, and cultural programs in the state.