Brokers will continue to be “extremely important” to the expanded BOQ group as they expand their mortgage book and have a direct digital mortgage offering next month, said the CEO

On Monday (22 February), the Bank of Queensland (BOQ) announced that it has entered into an agreement to acquire 100 percent of Members Equity Bank Ltd (ME Bank) for US $ 1,325 billion

As part of the proposed transaction, which is expected to close by mid-year (subject to regulatory approvals), ME Bank’s name and offering would be continued as a separate brand

This would mean that the BOQ Group is made up of three brands: BOQ, ME Bank and Virgin Money

Currently, approximately a third of BOQ lending is through brokers, while 75 percent of ME Bank lending is through brokers and almost all Virgin Money loans are through third parties

For this reason, BOQ General Manager and CEO George Frazis told The Adviser that the broker channel was “extremely important” to the group

Following the announcement, Mr. Frazis spoke to the advisor: “We will expand our broker accreditation, if anything. It’s a channel we love, it’s a channel we really support, and it’s for all three of us Brands extremely important ”

He later stated, “If you think about what will really drive our growth going forward, it will continue to be providing great service to our third-party brokers and aggregators””

The CEO added that it was “really important” for the group to “get more Australians into their homes,” adding that the three brands offer “different segments in the Australian business choice.”

He said, “When we think about how to actually approach them, these different segments have different needs

“So effectively, BOQ requires a more personal touch That’s why we have our owner-manager offices, which are really important, but we also sell through brokers, and that’s going well”

“Virgin Money is a pure broker at this point, and as you know, ME is primarily through the broker channel that meaning continues”

However, Mr Frazis said the group has not yet “tapped” the digital channel and revealed that Virgin Money will launch a direct mortgage offering on the new Temenos platform next month as the brand continues to position itself as a digital bank

Mr. Frazis said the new digital offering would be available through a “cutting-edge new mobile banking app” that would enable the group to “deliver services to all [its] customer segments through a digital channel”

“This will be the core banking platform for the entire retail bank. It has been developed for multiple brands Over time, this is another channel we can offer to any customer who chooses to bank with ME Bank or Virgin Money We’re very pleased, ”he said

In addition to writing about the Australian brokerage industry, the mortgage market, financial regulation, fintechs and the broader credit landscape, Annie hosts the Elite Broker and In Focus podcasts and The Adviser Live webcasts

Annie via email to: This email address is being protected from spambots. JavaScript must be activated so that it can be displayed
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Brokers will continue to be “extremely important” to the expanded BOQ group as it is expected to grow

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