The current Bank of Queensland was established in 1874 as The Brisbane Permanent Benefit Building and Investment Society.

In 2006 the bank acquired Queensland-based Pioneer Permanent Building Society[12] with full integration completed in November 2007.

It also acquired the Australian and New Zealand divisions of CIT Group Inc,[12] a supplier of vendor finance to small businesses and middle market companies.

This included reducing some of the 220 banking products it offered and reducing processing times to counter underperformance[19] In January 2021, BOQ was given approval by the Australian Competition & Consumer Commission to purchase ME Bank[20] for $A1.3 billion raised through an underwritten capital raising of $A1.35 billion.

[22] In October 2021, BOQ sold its St Andrew’s Insurance business to Farmcove Investment Holdings for $23 million.

[23] In August 2024, BOQ announced it would make up to 400 employees redundant and end its franchise model, moving to a corporate-owned branch structure by March 2025.

[24] The BOQ chose a franchise model as a key part of its expansion nationally across Australia in the early 2000s.

[27] BOQ's stated aim was to offer "communities the security of a national bank combined with local know-how" and a personal banker.

[29] Owner Managers were eligible for a series of rewards including BMW car and travel vouchers.

BOQ experienced a series of litigation actions between 2014 and 2016 by some franchise owners who believed that they had been unfairly treated.

[32] In 2014, BOQ won a large class action proceeding in the Supreme Court of New South Wales.

In 2010, it was found that one of the Townsville branches of the Bank of Queensland was giving loans to clients of the collapsed Storm Financial.

[37] Australian Securities & Investments Commission undertook compensation suits on behalf of Storm Financial clients against the BOQ.