Bank of Queensland Ltd
(ASX:BOQ) is set to unveil further diversification and expansion as the company forays into specialist lending and financing.
The bank is mulling over at least two purchases to its stand-alone division, which it grew last year through the $475 million acquisition of US-based CIT Group’s Australian and New Zealand business.
The bank is focusing on expanding its national finance arm and insurance business as the pressures of higher funding costs force the bank to diversify from its main banking business.
For the year ended 31 August 2010, BOQ reported a net profit of $180 million.
