Regional lender Bank of Queensland Ltd
(ASX:BOQ) has appointed current Chief Financial Officer Ram Kangatharan to the newly created position of Chief Operating Officer to oversee the day-to-day operations of the bank, effective from yesterday.
Managing Director David Liddy says the bank is confident that it will deliver on its promise of offering a real alternative in Australian banking and the creation of this new role is a vital step towards achieving this.
The bank says Mr Kangatharan will be responsible for achieving a cost-to-income ratio of 45% by 2011 and 15% return on equity by 2012.
The bank says a search for a new CFO has commenced.
In other news Bank of Queensland says it has priced a $1.0 billion 10 March 2015 domestic bond issue, split between $450 million fixed and $550 million floating.
In the 12 months to August 30, 2009 Bank of Queensland earned profit of $141.1 million.
