Bank of Queensland (BOQ) is planning to close branches as part of its aim to cut expenses and improve performance of its retail banking division.
The lender, which operates 270 branches, said it has a network that is about one-third of the size of major player in the industry, Westpac, but has only a tenth of the latter’s market share.
BOQ retail and online banking head Matt Baxby was quoted by Sydney Morning Herald ? as saying that the bank’s overall branch footprint is expected to drop, and it was ‘actively looking’ at other formats and operating models.
The bank is also considering restructuring commissions it pays to its owner-manager branches, a move which will encourage cross-selling and low-risk lending.
BOQ currently operates about 180 owner-manager and 90 corporate branches.