Bank businesses in trouble
Two thirds of the fifty five Bank of Queensland branches in NSW are in financial distress with some owner/managers criticizing the bank over lack of brand promotion and sales commissions. Bank of Queensland's expansion into other states outside Queensland has been driven by franchisees owning and running BOQ branches as small businesses. 38 of the 55 NSW branches settled less than two million dollars worth of loans in May, well below the bank's target of three to four million dollars per month. A former franchisee is taking legal action to stop the bank from repossessing his home, arguing that BOQ contributed to his financial position.
Source: The Australian Financial Review