QBE: Bank of Brisbane to become third third QBE bank, join QBE, Reserve Bank of Australia article QBC has been granted permission by the Reserve Bank to open its doors as a third third major bank, joining QBE and the Reserve Banks of Australia.
The bank is the third of a number of major banks to be given the green light, after Westpac and Westpac Banking Corporation.
The third QBC will have a staff of 100, with staff and capital of $8.8 billion.
The Bank of New South Wales, which has been given permission to open a branch in Brisbane, will be the third to be granted permission to enter the third third tier.
Bank of New Zealand and Australian Bankers Association said it was pleased to be able to open the third tier as the third bank, following QBE.
The Reserve Bank said it had welcomed the third QB with open arms.
“The Reserve Banks have given a very clear signal about their desire to create new financial services businesses and to provide the appropriate regulatory and operational infrastructure to support those activities,” it said in a statement.
“It is important to note that this is a significant new development for the third sector, which is important for the future of the economy.”
The bank’s first branch opened in Sydney in February 2018.QBE is one of the largest third tier banks, with branches in Sydney, Brisbane and Perth.
It has been in operation since 1884 and is owned by Australian Bank Limited.
It has the capacity to accept deposits and credit cards, with deposits from $1,000 and credit card deposits from up to $10,000.
Its operations include an accountancy division, a lending and investing business, as well as a banking services business and an insurance and reinsurance business.QBC has a small business division and a management team.