Ann: BOQ Starts Search for New Chief Executive Officer, page-39

vivRookie
I have never owned BOQ shares.

But I’ve kept an interested watch on BOQ for several years ever since when
the then CEO David Liddie made an unsuccessful takeover offer for BEN.
Back then, both banks had branches in the high street in many parts of Qld and Vic,
but BOQ had virtually no presence in Victoria.

I am not down ramping
Just stating the obvious.

I hold a significant parcel of BEN shares
and I can see no upside for BEN shareholders in any merger with BOQ
…………………………..
So instead of accusing me of down ramping vivRookie,
I’d be very interested in your reply to explain to me where you believe Im wrong.
To assist you I’ve again listed below some of my concerns.
Pehaps you can address/refute them one by one.
I await your response.

……………..
Since the proposed takeover back then
the whole banking scenario has changed,
with a reduction in attendance at branches in favour of
online banking right across the entire banking industry.

Why would Bendigo want to merge with a branch network in Qld
where there is already overlap.
What benefit would this achieve for either bank?
Certainly not closing overlapping branches
The realistic result would be a net overall loss of customers from those closed branches to other banks.
And branches in the high street are all experiencing are being closed by all banks.

So the branch network is not a reason to merge the banks.

They both have different I/T programmes which would be difficult, expensive, and probably impossible to merge

So“sharing” So I/T programmes would not be a reason to merge.

Having another interstate heads office with senior staff is not a reason to merge.

I know when BEN merged with Adelaide Bank,
it caused massive staff resentment from the senior staff
at both banks wanting to retain their positions which overlapped.
So realistically if the above merger went ahead there would be major expenses in redundancies.
BOQ in Qld would lose its local identity right across the board and
in the process loyal customers would simply move on.
So there would be a significant overall loss of Qld customers
to other banks and online banking with these other banks.
BEN would be buying into a diminishing business with necessary redundancy.
Why would BEN want to buy into this

The culture at BEN is entirely different to that at BOQ,
Why would BEN want to get involved with that?

So specially what does BOQ offer to BEN as a benefit in a merger?


BEN is always on the look out to grow their business.
But getting mixed up wth BOQ is definitely the wrong way to go about it.

All IMO

caveat emptor
bendigo