Bank of Queensland (BOQ) chief executive David Liddy has sent the strongest signal yet that the regional lender is ready to buy wealth management firms.
The Brisbane-based company launched its so-called Project Pathways program yesterday, which will examine mergers, partnerships and new business strategies.
Possible takeovers of home building societies and pioneer building societies will also be reviewed. The review will take around six months to complete.
"Our strong retail deposits and owner-managed branch model place BOQ in the fortunate position of being able to take advantage of some of the opportunities created by the financial crisis," Liddy said.
"Wealth management is an area where we have a clear gap and ... that is an area we need to fill."
In October, Liddy said BOQ would probably not go into asset management, but perhaps product manufacturing.
The recent takeovers of St George Bank by Westpac and BankWest by Commonwealth Bank of Australia (CBA) had also left another gap in the marketplace, Liddy said.
"The idea ... of creating a filler for that gap created by St George being acquired by Westpac makes a lot of sense," he said.
But Queensland would continue to be BOQ's main business focus, Liddy said, and there would undoubtedly be further consolidation in the Australian banking industry.
In October, Liddy said BOQ may end up having financial planners in its Queensland retail branches.
BOQ acquired Home Building Society last year in a deal valued at $592 million and inherited West Australian advisory firm StateWest Financial Planning.
