Bank of Queensland consolidates NSW branches
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.
Recommended for you
Multiple industry organisations have shared their thoughts on AFCA’s proposed rules amendment, supporting the idea of firms being named publicly when they fail to comply with determinations.
Channel Capital has appointed a head of investment oversight who joins from 14 years at asset consulting firm JANA Investment Advisers.
Licensee Centrepoint Alliance has completed the acquisition of Brighter Super’s annual review service advice book, via Financial Advice Matters.
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
