Bank Of Queensland A Brief History

Bank of Queensland or BOQ, as it is called, is one of the oldest financial institution in the Australian state. This is based banks in Brisbane. BOQ is a retail bank whose network consists of 250 branches: 152 located in Queensland, 52 located in New South Wales, 23 in the state of Victoria and 34 in Western Australia.

In 1874, when the bank was established, BOQ was then known as the Permanent Benefit Building Brisbane and the investment company and is considered the permanent construction company primarily designed in Queensland. Nearly three decades later, in 1970, the bank was named as we know now, the Bank of Queensland. After a year, the bank became listed on the Australian Stock Exchange.

BOQ incorporated the Bank of Queensland Savings Bank as a wholly owned subsidiary in 1982. In 1985, the first regional branches of BOQ to Cairnes and Townsville were opened. Then, in 1991, BOQ has Switching electronic Stowe Pty Ltd, which was later renamed electronic switching Queensland Pty Ltd. About ten percent of BOQ shares was bought by Bank of Hawaii in 1999.

Throughout 2001, the Bank of Hawaii traded its 6.2mn shares and 5.4 million convertible notes to BOQ to redirect operations in Hawaii. It was in 2003 when BOQ obtained UFJ bank equipment finance companies in Australia and New Zealand, as well as ATM solutions which accounted for BOQ to have the second largest ATM network throughout Australia. Today, BOQ has 2,500 ATMs. The year 2004 is when the bank opened additional branches in New South Wales, Victoria and the Australian Capital Territory. BOQ's status in the debtor financing industry is further strengthened in 2005 when the bank acquired $ 78 million of debtor finance division of ORIX Australia.

2006 was the year when BOQ made a purchase of Pioneer Permanent Building Society based in Queensland and has opened branches in the Northern Territory and Western Australia. August 2007, BOQ was able to compete successfully for the Pioneer Permanent Building Society based in Mackay, with this merger, BOQ had been provided with a growing stable market synergy savings while in the central and northern Queensland. A few months later, in November 2007 a merger proposal was approved BOQ by members of the House Building Society in Western Australia. This merger proposal was worth $ 592 million, and through this BOQ produced some 35 additional branches in Western Australia and Queensland and increases the Bank nationwide.

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