The Bank of Queensland (BOQ) is consolidating its NSW branches in an attempt to cut costs, with 11 to close across the state. No financial planners will be affected by the closures.
In an address released to the Australian Securities Exchange, BOQ chairman Neil Summerson said the consolidation would ensure profitability among the remaining branches. There will be 45 left in NSW.
“Economic conditions continue to be challenging for banks and their shareholders as share prices remain volatile and profits are tested,” Summerson said.
“Given the volatile market conditions and increased cost of funding, it has been necessary for the bank to conduct a stringent review of all expenses and to adopt a more conservative capital management policy,” Summerson said.
