Lender offers brokers an olive branch and says it's time to move on

by Mackenzie McCarty11 Apr 2013
“Our plan is to re-enter the broker market in a cautious and measured way while also seeking feedback from brokers to make sure we get our offering right.  We think that BOQ, which is truly independent of the big banks, will provide choice to brokers and their customers.”

BOQ managing director and CEO, Stuart Grimshaw, says the bank has worked hard to successfully re-establish the fundamentals of its business over the last 18 months and is now expanding its focus to growth.

“The acquisition of Virgin Money Australia immediately delivers increased geographic and income diversity, and allows us to fast track our existing multi-channel distribution strategy through access to an iconic brand and a business with proven capability in online customer acquisition and product distribution.”

Sir Richard Branson, founder of Virgin, said, says the company sees Australia as one of its most important markets.  

“I am excited that, in partnership with BOQ, we will be able to develop more leading products and distribute them even more widely, so many new customers will get to experience the benefits of Virgin Money.”

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  • by Shane in QLD 11/04/2013 11:15:29 AM

    Rubbish. BOQ abandoned the broker market in 2004, which was years before the GFC, as their then CEO stated they do not need brokers, only their branches. To claim the GFC as the reason BOQ left the market is simply untrue and false.

  • by M Nasr 11/04/2013 11:18:56 AM

    For the records BOQ pull out of the Broker Market around 2004 - 2005 way before the GFC. They wanted to open up franchise branches and did not want brokers to compete with them.

  • by Rach 11/04/2013 11:20:19 AM

    And again...I'll believe it when I see it and judge them on their offering...