Ann: BOQ Starts Search for New Chief Executive Officer, page-31

Potential ‘impediment’ to BOQ merger gone

The departure of George Frazis as chief executive of Bank of Queensland removes the stumbling block for a merger with Bendigo and Adelaide Bank, say sources, who believe that a deal could be on the cards late next year.

Mr Frazis was considered to be a flamboyant leader at the Queensland-based financial, and the culture he created was not believed to be compatible with the down-to-earth approach of Bendigo and Adelaide Bank.
Both groups need to gain scale to remain competitive in the market.

But right now, Bank of Queensland is integrating the $1.325bn acquisition of ME Bank, while Bendigo and Adelaide Bank is in the middle of a difficult technology overhaul, replatforming its internet banking to operate on the cloud.

Bendigo and Adelaide was earlier hoping to buy Suncorp Bank, which is now being acquired by ANZ Bank.
While Bendigo and Adelaide has recently been working with Bank of America, Bank of Queensland counts Goldman Sachs as its adviser.