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BOQ looks to acquire

BOQ looks to acquire

(15 April 2008 – Australia) Bank of Queensland has suggested that it would look to expand its retail banking position through purchasing credit unions or building societies. Managing director David Liddy said that if any opportunity arose to provide further reach or breadth in retail banking, through building societies or credit unions, he would be interested in an acquisition.

The call comes with BOQ having previously acquired Pioneer Permanent Building Society as well as Home Building Society.

Liddy also commented that while the opportunity for a further look at Bendigo Bank was not possible, complementary business models meant that such a deal would still make sense.

While there is no focus on this at the moment, Liddy said that it would increase their ability to take on the major banks in Australia.

For now, however, Liddy said that BOQ was firmly focused on growth.
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