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As flattering as it might seem, dealing in the broker market is not the big play for Bank of Queensland, according to Troy Phillips director at mortgage and finance manager FirstPoint.
"It is just one of many changes that need and have to be made," Phillips told the MortgageMix following BoQ's announcement that it will seek the help of brokers to get it out of the $90 million hole it has found itself in.
About Stuart Grimshaw, Phillips suggested the new BoQ "has pretty good banking pedigree and I'm sure he'll be distancing himself from the past, its people and problems."
Furthermore, he said Grimshaw cannot be held accountable for comments made by "dinosaur and outgoing CEO" David Liddy.
"The loss and dynamic provisioning is just a new CEO clearing the decks so the bank can raise new capital and embark on a new journey," he said.
And, citing no one else doing "such a spectacular job" Phillips said the market could do with another player.
"We should be welcoming any new players - it's up to BoQ to prove itself," he said.
Incidentally, this is not the first time Phillips has been critical of Australia's bank lenders.
Separately he told the MortgageMix that brokers were shaming the banks' retail divisions - given their current levels of reliance on the third party channel.
Brokers shaming your retail businesses, banks told - Never mind the Labor leadership crisis, at the current level of reliance on the third party channel for their asset growth Australia's bank lenders might be staring down an entirely new predicament of their own, one market commentator has claimed.
All bets back on again, as BoQ sends out broker mayday call - Desperate times call for desperate measures, and it seems the prospect of a $91 million first half loss has prompted the Bank of Queensland to send out an SOS to Australia's mortgage brokers for immediate assistance.
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