Time to give non-majors ‘a fair go’, says BOQ CEO

by 28 Nov 2013
Band of Queensland CEO Stuart Grimshaw has called on the Financial Systems Inquiry to adress the ‘capital imbalance’ that favours big banks.

Speaking at the banks’ annual meeting yesterday, Grimshaw said the fact that big banks allocate one-third as much capital, on average, to a home loan as BOQ is unjust.

"While some may argue that the major banks have more sophisticated risk modelling, I don't think it's unreasonable to question whether such a stark differential is really warranted," he said. 

"We think the Financial System Inquiry should seek to address such inequities and give the regional banks and smaller financial institutions a fair go."

The banks’ new chair, Roger Davis, announced the bank was open to further domestic acquisitions.

"A platform for growth is our focus on new customers, who can be acquired either through organic growth or by acquisition, and on ongoing service and product enhancements," Davis said. 

BOQ acquired Virgin Money earlier this year and the Home Building Society, in Perth, in 2008.

"We can now legitimately call ourselves a national bank", said Davis.

He did however add that the bank “won’t be leaving Australia in search of new hunting grounds”.


  • by Wozza 28/11/2013 9:22:30 AM

    As long as they keep a "regional" name, they will always be a small player. Why would anyone in Victoria, for example, want to bank with with Bank of Queensland? Similarly why would anyone in Queensland want to bank with Bank of Melbourne. Time for change?

  • by Simstar 29/11/2013 10:09:38 AM

    Same as why people bank with HSBC or Australian & New Zealand Bank (ANZ), Bank West - generally on price and retained on service.