Allaway was initially put into the role as an interim measure following the company’s decision to dump George Frazis. Allaway had previously been chair of the company, a position now held by Warick Negus.

BoQ said the decision to continue with Allaway would “retain stability and continuity” while also supporting the delivery of its strategic priorities.

“The board is delighted to affirm Patrick’s position as chief executive officer,” Negus said.

“The leadership, energy and commitment he has shown in his position has revitalised our team, brought clarity to our goals and will serve BoQ well as we further strengthen and simplify our operations in the years ahead.”

Allaway said he was honoured to continue leading the bank.

He said there were structural challenges for the mid-tier bank and it had to deliver a competitive and sustainable model with improved outcomes.

“I recognise that this will not be easy, requiring unwavering commitment to the disciplined execution of our strategic priorities and embracing out integrated risk program to build a better bank,” he said.