Bank of Queensland chief executive George Frazis
Bank of Queensland chief executive George Frazis

COSTS CUT: 145YO business to ‘refocus’

BANK of Queensland says it will cut costs, refocus its branch network and expand its digital offerings as part of a strategic revamp of the 145-year-old lender.

Bank of Queensland chief executive George Frazis said the bank would undergo a complete digital transformation using cloud-based technology and further investment in its Virgin Money digital bank.

Mr Frazis said the bank would deliver annual savings of $90 million by 2023 as it renewed its franchise offering, improved customer self-service and launched a new retail banking app. "The work is underway and we are starting to see improvements across key metrics including customer satisfaction, home lending and business lending growth," said Mr Frazis.

He said cash earnings this year were expected to be 4-6 per cent lower than in 2019, driven by better-than-expected income growth and improvement to impairment expenses.



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