BOQ to maintain growth momentum in 2007
(8 December 2006 – Australia) Bank of Queensland is set to continue its interstate expansion strategy in 2007 and will look to make acquisitions that complement its business.
Speaking at BOQ’s annual general meeting, managing director David Liddy said growth was being driven by the bank’s expanding retail and business banking network.
BOQ is set to open branches in Tasmania and South Australia, which it said would give the bank national reach for the first time.
"Our performance for the first quarter of the 2007 financial year show continued lending and deposit growth," Liddy said.
"Total lending approvals compared to the first quarter last year are up 20 percent with housing up 30 percent and total deposits up 21 percent. On a rolling 12 month basis we recorded increases of 23 percent in lending and 20 percent in deposits," he said.
However, Liddy acknowledged 2007 would be an extremely competitive year in banking in Australia.
He said the bank would grow through organic growth and acquisitions and alliances, like the merger with Pioneer and alliances with HBF and Macquarie.
BOQ is set to open branches in Tasmania and South Australia, which it said would give the bank national reach for the first time.
"Our performance for the first quarter of the 2007 financial year show continued lending and deposit growth," Liddy said.
"Total lending approvals compared to the first quarter last year are up 20 percent with housing up 30 percent and total deposits up 21 percent. On a rolling 12 month basis we recorded increases of 23 percent in lending and 20 percent in deposits," he said.
However, Liddy acknowledged 2007 would be an extremely competitive year in banking in Australia.
He said the bank would grow through organic growth and acquisitions and alliances, like the merger with Pioneer and alliances with HBF and Macquarie.
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