Bank of Queensland (BoQ) managing director David Liddy stresses building scale and reach are the main drivers of the bank’s strategy over the immediate future.
“For us it’s about gaining exposure to more customers with a ‘small bank’ approach consistent with building society values and customer focus,” Liddy told Mortgage Business.
The BoQ has been active on the acquisition front, recently purchasing Home Building Society and Mackay Permanent.
Speaking of these acquisitions, Liddy says he had been “expecting consolidation” in this sector for several years, particularly at the lower end of the financial services spectrum.
For Liddy, the opportunity offered through acquisition is “about gaining access to more customers and then backing ourselves to obtain a deeper relationship [with those customers].”
“I see the BoQ as the natural consolidator for those building societies and credit unions which are looking to the future and see themselves facing increased regulatory and marketing costs along with increased competition.”
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