Bank of Queensland Limited (ASX:BOQ)'s Chief Executive Officer Patrick Allaway has not ruled out a merger with another regional bank in the future, but says that, because of various factors, there is no deal in the works. Speaking to DataRoom on the sidelines of the Macquarie Australia Conference in Sydney, Mr. Allaway said mergers with regional banks were complex. He said the company's share price was at a low point, which meant the bank was not in a position to do mergers and acquisitions.

But when asked if BOQ would consider a merger with its rival, he said such deals had the ability to create synergies but were complex. Speculation surfaced earlier in the year that BOQ and Bendigo and Adelaide Bank had held talks about a merger. At the time, BOQ moved to shut down the suggestions, saying there was no live merger talks afoot.

"Potential mergers with other regionals are far more complex," Mr. Allaway said. "We have an open mind about all M&A." While speaking at the conference in a "fireside chat session", Mr. Allaway said the bank's transformation program was a five-year program and BOQ was about two years into it.