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BOQ makes play for SME market

BOQ makes play for SME market

(27 September 2006 – Australia) Bank of Queensland has launched what it describes as a "revolutionary" new account aimed at SMEs. The account, called Everyday Business Account, offers small business customers one low monthly account maintenance fee with free BOQ withdrawal transactions.

BOQ managing director David Liddy said the new product showed the bank’s commitment to the SME market, which had been "ignored by the major banks for too long".

"With our new Everyday Business Account, we are offering SME customers something no other financial institution is – a product that they can use for their everyday banking with significantly fewer fees to worry about," he said.

Liddy said he believed the new product would revolutionise the way banks structured their fees on business accounts and help propel the bank on its way to becoming a "major contender" in the SME market.

"We believe that the launch of this new product will make the other banks sit up and take notice and will revolutionise the way banks price their business transaction accounts.

In announcing the new SME focussed product, BOQ cited East & Partners’ Business Banking Sentiment Index, which found that business banking sentiment fell 0.9 index points in August to a score of 43.8 out of 100.

"Bank of Queensland was one of the few banks to buck this trend, actually improving its sentiment score during this same period," the bank said.

BOQ is also launching a new Business WebSavings Account which will offer customers high interest on balances over $10,000, with in-branch and internet banking access.

"As no other financial institution currently owns this space, we believe that these two new products will make us the obvious choice when SME customers come to review their banking arrangements," Liddy said.

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