BANK of Queensland chief executive David Liddy has taken out mortgages on multi-million dollar properties with a rival lender, citing privacy concerns.
The banker, who currently fronts an advertising campaign wooing customers to BoQ, has Westpac loans over a unit near the beach at Mooloolaba and a waterfront Sydney property.
“You’ll discover our service is so great, you’ll think it’s your own personal bank,” he says in the current advertisements.
BoQ said Mr Liddy’s decision to borrow from another bank was a privacy matter.
“If his personal banking was with BoQ it would be disclosed in the annual report, as per standard corporate governance procedures,” a spokeswoman said.
“As he understandably wishes to keep his personal finances private, he has chosen to source his personal lending from another provider.”
He also had “a number of banking products with BoQ”, she said.
Other former and current banking sector executives said that there was no unofficial rule in the industry that executives must borrow from their own institution.