Bank of Queensland (BOQ) has unveiled plans to merge its retail arms into a new single division amid restructuring to streamline roles and better support the delivery of the bank’s strategy.
The new organizational structure will see the Retail & Online Banking and Virgin Money Australia (VMA) businesses becoming one business, to be renamed Retail Banking, and will operate under one executive.
The general counsel and company secretary roles will be combined and current Retail & Online Banking group executive Matt Baxby will assume the role of new group executive Retail Banking while current Virgin Money chief Brian Bissaker will leave the business.
The new business will start offering Virgin-branded mortgages within the next 12 months.
BOQ managing director and CEO Jon Sutton said: "The time was right to create a single business looking after the needs of retail customers.
"Virgin Money is a globally recognised brand that gives us access to a whole new segment of customers and we look forward to offering banking products through this channel."