BoQ gets ready to compete with Bendigo
The Bank of Queensland is actively recruiting bankers in Victoria who are interested in operating the 50 branches it intends opening in that state over the next three years. The bankers would be granted part-ownership and profit-sharing rights. BoQ CEO David Liddy is positioning his bank to directly take on Bendigo Bank's Community Bank model, in which local communities operate and own the banks, and share in the profits. The BoQ model provides for one person to part-own and fully manage each branch, carrying the set-up and operating costs but sharing in profits. BoQ would bear the capital costs of deposit and investment product, as well as loans.