Exec brings turnaround expertise and global finance experience
BOQ Group has appointed Julian Russell as group executive for its Business Bank division.
Russell brings a long history in financial services, having held senior roles at UBS in Australia and Merrill Lynch in Europe. At UBS, he was co-head of the Financial Institutions Group, where he oversaw major mergers, acquisitions and capital raisings across the sector. He also previously served as group chief executive at FleetPartners, formerly known as Eclipx. During his time there, he led a turnaround strategy that significantly improved the company’s performance.
BOQ Group managing director and chief executive Patrick Allaway said Russell’s leadership experience would benefit the business during a time of growing competition.
“Julian is a seasoned executive with a proven track record in leading complex organisations through transformations and returning them to profitable growth,” Allaway said of the appointment. “I am very optimistic about the future of the Business Bank under Julian’s leadership, building on BOQ’s record of delivering exceptional outcomes for our business customers.
“We have deliberately selected a non-traditional banker for this role. Julian’s finance and commercial background will bring a fresh perspective to optimising returns in increasingly competitive markets.”
The appointment comes as BOQ Group continues to focus on supporting small businesses, particularly in specialised industries. General manager Karen Carter said these sectors are crucial to Australia’s economy and need targeted support.
“We are proud to support small businesses in niche industries, especially during these challenging times,” Carter said. “We believe these industries are vital for the Australian economy and society, and we are committed to helping them survive and thrive.”
As part of that support, BOQ has extended its owner-occupied lending policy from $3 million to $5 million, allowing businesses to borrow up to 85% loan-to-value ratio over a 30-year term. The bank has also reduced its interest cover threshold, now starting at 1.2 times actual, and updated its Lease Doc facility by lowering the interest cover from 1.4 times actual and offering longer loan terms. In addition, BOQ is investing in its BrokerPoint platform for insurance premium funding brokers to improve usability, reduce turnaround times and increase market competitiveness.
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