Bank of Queensland (BOQ) had appointed a new chief executive officer.
The bank has named Rod Finch, former chief transformation and operations officer, as its new CEO and managing director, effective 1 March. Finch replaces current CEO Patrick Allaway, who will retire 28 February. Allaway has led the company since 2023.
"As a key leader of BOQ, Rod’s appointment will ensure we maintain momentum in executing our strategy to become a simpler, specialist bank with improved performance for customers and shareholders," said Andrew Fraser, chairman at BOQ.
Finch (pictured above right) joined BOQ Group in April 2021 and was named chief transformation and operations officer in September 2023. His resume also includes stints at AMP Bank, Westpac and Lloyds Banking Group in the UK.
"I am honored to be appointed CEO and grateful for the trust the board has placed in me," Finch wrote in a LinkedIn post. "I look forward to leading the organisation, building on the transformation initiated by Patrick, to improve outcomes for our customers, shareholders and the communities we serve."
The transition occurs as fierce competition squeezes the Brisbane-based lender’s mortgage book in Australia’s home loan market.
For the full-year ending in August 2025, BOQ reported a decline in the size of its overall mortgage portfolio.
The Brisbane-based lender released its full-year results for the 12 months ending 31 August 2025 on Wednesday, reporting a decline in the size of its overall mortgage portfolio.
In April, Bank of Queensland (BOQ) said it was doubling down on its efforts to move away from the broker third-party channel, redirecting more of its attention inward. The move sparked market chatter among some mortgage brokers about what this means for the future of broking.
BOQ Group General Manager for Broker and Strategic Partnerships Johnny Lockwood told Australian Broker: "BOQ Group values its brokers. BOQ’s broker brand remains paused, and we’ll continue supporting existing customers with their lending needs. There are no changes to BOQ Specialist and BOQ Business offerings for the broker market.
"We will continue to evaluate internal and external conditions to determine which additional brands will be made available to new customers in the retail broker channel," he added.
In addition, BOQ came under scrutiny again in June after Julian Russell, group executive for business banking, left his post at the bank unexpectedly after just three months. Russell's sudden exit added to a string of high-level departures at the bank since 2019.
