Bank of Queensland is considering an expansion of its wealth management business.
Bank of Queensland (BOQ) is considering employing financial planners in its Queensland branches, in a bid to expand its wealth management business, the lender's chief executive David Liddy said.
"The jury is still out," Liddy said in Brisbane yesterday.
"We still really have not resolved a wealth management solution. We still work with Genesys, who provide financial planning services to our customer base, but we have not finally resolved [a solution].
"We have actually inherited a wealth management and financial planning license through our Home Building Society (HBS) acquisition, and we are in the strategic consideration stage... on where we go with that right now."
Liddy indicated BOQ may end up having planners in retail branches in Queensland.
The bank's customers are mainly based in Queensland, and holds $11.5 billion in deposits, with the lender and the state riding a tourism, mining and agricultural boom.
BOQ merged with HBS last year in a deal valued at $592 million, and inherited West Australian advisory firm StateWest Financial Planning.
Liddy's comments follow BOQ releasing its full-year 2008 results yesterday. The bank's normalised cash profit after tax surged 46 per cent to $155.4 million, from $106.1 million in the prior comparative period.
Fees received from financial planning referrals and insurance products have doubled to $10 million in 2008.
Liddy would not comment on rumours suggesting BOQ may acquire rival Suncorp's wealth management and banking units.
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