Under the arrangement, the bank will reduce the number of firms it works with by 57 per cent.

A number of global firms were named to the panel of general advisory firms, namely Allens Linklaters, DLA Piper, Herbert Smith Freehills, Jones Day, King & Wood Mallesons and Norton Rose Fulbright.

Large national firms were also well represented, with DibbsBarker, Henry Davis York, McCullough Robertson, Mills Oakley and Thomson Geer rounding out the general advisory list.

In addition, a further four firms were appointed to three discrete specialist areas of the bank: Allen & Overy, Cooper Grace Ward, Gadens and Macpherson Kelley.

BOQ general counsel Michelle Thomsen said using a smaller group of providers would allow BOQ to deepen its relationships and "concentrate spend".

"Our selection process focused on a choice of panel firms to meet our diverse needs, with a broad range of expertise and the in-depth knowledge of BOQ required to support our business," she said.

"We also focused on the ability to deliver innovation and ‘outside the box’ thinking when it came to pricing to provide value."

According to Ms Thomsen, “superior levels of customer service” were also a major factor in the firms that were selected.