When Bank of Queensland chief executive George Frazis decided to replicate Westpac’s multi-brand strategy with the $1.3 billion purchase of ME Bank, he also took on the formidable task of dealing with the worst operational aspects of both banks.

ME Bank is not a basket case, but the fact that Frazis reckons he can slash about 30 per cent of its cost base, or up to $80 million a year, tells you that the bank’s “socially driven purpose” has not included efficiency.