ABN Amro Morgans has beat out a number of other advisory and wealth management groups to become the financial planning partner to the Bank of Queensland.
The deal, announced today, will place ABN Amro Morgans in a position to fulfil all of the bank’s wealth management requirements and also gives the group exclusive rights over the distribution of financial planning advice to the bank’s customers through it’s network of branches.
ABN Amro Morgans was formed last year when Morgan Stockbroking and ABN Amro merged their retail stockbroking businesses and has over 330 advisers working out of 35 offices across the country.
The announcement follows confirmation that Royal & Sun Alliance has also partnered up with the Queensland bank to become its preferred insurance provider.
“The appointments are the result of a strategic review of all the bank’s alliances,” Bank of Queensland managing director David Liddy says.
Liddy says a number of both wealth management and insurance providers were approached by the bank in its search for suitable alliance partners, but both ABN Amro Morgans and Royal & Sun Alliance stood out as being most clearly in tune with the bank’s needs.
The announcement of both alliances comes as the bank reported a net profit for the 2000/2001 financial year of $24.1 million, up 8.2 per cent on the previous year.
The bank’s chairman Neil Richards said today the bank’s results were pleasing in a period of continued strong competition in the banking sector and at a time of some internal instability at the bank.
The bank’s previous chief executives John Dawson, along with two of the bank’s directors, Darryl McDonough and Donald Harvey, have departed over the last year.
