Ton up for BOQ
(11 March 2005 – Australia) Bank of Queensland has notched up its 100th owner managed branch following the opening of new premises in South Tweed and South Melbourne.
The bank said it now had 100 franchised branches across Queensland, NSW, Victoria and the ACT as well as another 58 corporate branches in its home state. The bank aims to open 100 interstate branches by August 2006.
BOQ said its owner managed franchise model allowed it expand its branch footprint more quickly and at a much lower cost to the bank than equivalent corporate branches.
"We are seeing early results from those interstate branches opened last year which show they are exceeding our expectations when it comes to lending approvals and deposit growth," BOQ group executive, Retail, Donna Quinn said.
According to BOQ, it has stringent selection criteria for owner managers wanting to be involved with the bank.
"Owner managers must be bankers, and we reject 14 out of every 15 approaches we get to open one of our franchised branches," Quinn said.
BOQ said its owner managed franchise model allowed it expand its branch footprint more quickly and at a much lower cost to the bank than equivalent corporate branches.
"We are seeing early results from those interstate branches opened last year which show they are exceeding our expectations when it comes to lending approvals and deposit growth," BOQ group executive, Retail, Donna Quinn said.
According to BOQ, it has stringent selection criteria for owner managers wanting to be involved with the bank.
"Owner managers must be bankers, and we reject 14 out of every 15 approaches we get to open one of our franchised branches," Quinn said.
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