Patrick Allaway will continue as managing director of Bank of Queensland on a permanent basis. The search process for a new CEO has been discontinued.

Allaway, a Citi-trained banker, joined the board of BOQ in May 2019 and took over as chair later that year.  In November 2022 he was appointed CEO on an interim basis following the ousting of George Frazis. “This will retain stability and continuity, supporting the seamless delivery of our strategic priorities to build a stronger, simpler and cost-effective digitally enabled bank” the board said in a statement yesterday.  BOQ chairman Warwick Negus said, “the board is delighted to affirm Patrick’s position as CEO.  “The leadership energy and commitment he has shown in his position has revitalised our team, brought clarity to our goals and will serve BOQ well as we further strengthen and simplify our operations in the years ahead”.  One curious decision on the simplification front was announced to mortgage brokers yesterday. From the beginning of September, BOQ will no longer accept new-to-bank loan applications under the Virgin Money brand through the broker channel. Brokers will thus only be able to submit new loans under the BOQ and ME brands. Brokers were told by BOQ that “soon we’ll be back with a rewarding new experience … and when we’re ready, we’ll support existing Virgin Money home loan customers to upgrade to the new platform”.