Media releases

BOQ today announced it would convert all 114 of its owner-managed branch networks to corporate branches to “simplify its retail distribution channels”, with the conversion expected to be completed by March 2025.  

When asked if the size of its branch network would decline, BOQ management said, “if customers continue to shift to digital channels, then we will see consolidation”.  

BOQ also said to “expect more efficiencies into FY25 and FY26”.      

Quotes attributable to Finance Sector Union (FSU) National Secretary Julia Angrisano: 

“Make no mistake, the move by BOQ to corporatise its bank branches puts them all at great risk of closure – this makes it infinitely easier for BOQ to close branches at the drop of a hat.  

“We’ve already seen them dropping job cuts at a whim yesterday. They’ve proven they can’t be trusted. This move to corporatise bank branches is bad for customers and bad for communities.  

“BOQ are just leaping from one crisis to another with no clear plan and it’s workers who are paying the price. 

“Workers have just been told 400 of them will lose their jobs and now their bank branches are at risk – morale is low and there isn’t a happy BOQ worker out there right now. Workers need to be able to have a say about their own future.  

“This is why we have been calling on Federal Financial Services Minister Stephen Jones to urgently implement the recommendations from the Senate Inquiry into bank closures report – we need proper regulations around bank closures to avoid situations like this where BOQ can essentially do whatever they like with little to no consultation. 

“We will be demanding that BOQ commit not to close any bank branches. They have a responsibility to support communities and decisions shouldn’t be made simply to boost their profit and productivity margins.”  

Media contact: Stephanie Lim – 0434 160 521