Sept 4 (Reuters) - Bank of Queensland Ltd BOQ.AX :
* AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION (ASIC) HAS COMMENCED PROCEEDINGS AGAINST BOQ IN FEDERAL COURT OF AUSTRALIA
* ASIC LAUNCHES UNFAIR CONTRACT TERMS PROCEEDINGS AGAINST BOQ
* PROCEEDINGS RELATE TO CONTRACT TERMS IN CERTAIN SMALL BUSINESS CONTRACTS ENTERED BETWEEN NOV 2016 & JUNE 2019
* HAS TAKEN IMMEDIATE ACTION TO ADDRESS VAST MAJORITY OF ASIC'S CONCERNS
* HAS PROACTIVELY COMMENCED A REVIEW OF ALL SMALL BUSINESS LENDING CONTRACTS ENTERED INTO FROM NOVEMBER 2016
* IF BOQ IDENTIFIES ANY SMALL BUSINESS CUSTOMERS WHO HAVE BEEN ADVERSELY AFFECTED, IT WILL COMPENSATE THEM
* WHILE REVIEW ONGOING, BELIEVES POTENTIAL TOTAL COMPENSATION TO BE LIMITED AND NOT IMPACT CO'S FINANCIAL PERFORMANCE