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Bank Australia and Qudos Bank have agreed to continue to explore a proposed merger and seek regulatory approval to merge before asking members to vote in 2025.
The two customer owned banks announced the proposed merger in February 2024 with the Boards of both banks citing the strong values alignment, commitment to customer ownership and opportunity to scale their impact as the basis for exploring the merger.
Bringing Bank Australia and Qudos Bank together would create one of Australia’s largest customer owned banks supporting 300,000 customers with total assets exceeding $17 billion and served by almost 900 employees.
Qudos Bank Chair Jennifer Dalitz said “We’re pleased to be proceeding with the proposed merger of two of Australia’s leading customer owned banks, Bank Australia and Qudos Bank following a successful due diligence phase. We see the proposed merger as an exciting opportunity that would create one of Australia’s largest customer owned banks, and enable greater investment in even better products, services, digital banking technology for our members and creating a positive impact for communities and the environment.”
Bank Australia Chair Steve Ferguson said “The proposed merger between Bank Australia and Qudos Bank would provide an opportunity to accelerate the growth of two financially strong customer owned banks. Qudos Bank shares our strong focus on supporting customers and their communities to thrive, so their vision of sustainable future aligns closely with ours. The growth from a merger would allow us to deliver even greater experiences for our members, and increase the reach of our purpose driven banking to more Australians.’’
During the next phase of due diligence, both banks will focus on identifying the benefits and risks of the proposed merger, along with developing the plans, strategies and structures needed to successfully merge.
Members of both banks will be kept informed of progress and will be provided with further information to support them to make an informed decision ahead of the vote.
Both the Qudos Bank and Bank Australia brands will continue to operate in the market from day one including how members engage with Qudos Bank brand channels. Your day-to-day experience with Qudos Bank across online banking, the app, contact centre and branches, will remain the same. As a customer-owned bank, in the event of a potential future review of the brand names used by the Merged Bank, then members will be engaged for their views. As two banks are coming together, the Merged Bank will operate as one legal entity (Bank Australia Limited), but this won’t change the brand names in the market. The Qudos Bank brand will continue to exist as Qudos Bank in the same way it does today under the current legal entity of Qudos Mutual Limited.
While our name has evolved over the years, our commitment to serving our members has remained the same. As a customer-owned bank this commitment is unwavering. This merger isn’t about changing who we are—it’s about strengthening our ability to invest in the technology, products, and services that make banking easier and more rewarding for our members.
The proposed merger with Bank Australia is a proactive strategic decision by the Board to ensure we can continue to provide the best products and services we can, invest more in secure, modern digital technology that our members expect, and create even greater positive impact for in the communities in which we operate.
This initiative aims to build a better, stronger and more resilient bank for you, our members and owners.
We know bigger isn’t always better, and that’s why many members choose Qudos Bank as we are not a major bank and provide more personalised service, but in banking, scale does matter. So, by merging with Bank Australia, we will remain proudly customer owned and be able to invest more to be an even better bank for members well into the future.
Eligible members can vote by doing any of the following:
Cast your vote now
Via email: Access the email with the subject Qudos Bank Merger Vote & Special General Meeting 2025 sent from Qudos Bank <Communications@mailservice.computershare.com.au>. This email contains a personalised secure link that will redirect you to the online voting portal. If you cannot find the email in your inbox, please check your email junk or spam folder in case the email was redirected there. Please note: Members who have not provided their email address to Qudos Bank or specifically request postal contact only will not have received the personalised voting email.
Online: By entering your member number and postcode at https://www.investorvote.com.au/qudos
Voting Form: Complete and return the Voting Form that has been posted to members registered for receiving mail from Qudos Bank. If you would like a Voting Form you can download and print the [Voting/Proxy Form] from the Merger Resources section of this webpage or call the dedicated Merger Information Helpline on 1300 644 587 to request a Voting Form to be sent to your address.
Votes must be submitted by 5pm AEST on Saturday, 12 April 2025 to be counted.
Attend the SGM and vote at the Meeting
The SGM will be held at Library Auditorium, State Library of NSW, Macquarie Street, Sydney at 5pm (AEST) on Monday, 14 April 2025.
Eligible members can vote at the SGM by attending in person or online at https://meetings.lumiconnect.com/300-811-001-622
Meeting ID: 300-811-001-622
No, Qudos Bank and Bank Australia coming together is not a buyout or a takeover. This is a true merger of equals between two customer-owned banks that will remain 100% customer-owned. This is reflected in the balanced representation from both banks across both the Board (the current Chair of Qudos Bank, Jennifer Dalitz will be Chair of the Board of the merged group) and executive level with head offices in both Collingwood (VIC) and Mascot (NSW).
The proposed merger is a proactive, strategic choice by the Board to ensure the history and service ethos of Qudos Bank can be maintained and enhanced for members well into the future. After careful consideration, we believe Bank Australia is the ideal merger partner because of the strong alignment of both banks’ values, culture and purpose. By combining our strengths and upholding our values, we will continue our commitment to customer ownership and operate as a customer-owned bank.
You can find more detailed information about the Merger and the Merger process in the Member Information Booklet available on our website.
The SGM will be held at Library Auditorium, State Library of NSW, Macquarie Street, Sydney at 5pm (AEST) on Monday, 14 April 2025.
Should the merger proceed, accounts and products held by members of each bank will continue on existing terms and conditions. Plus, as a result of the merger there will be savings for members via a number of reduced fees and charges across the product range. Products earning Qantas Frequent Flyer points will remain.
There will be no changes to interest rates on savings, term deposits, loans and Retirement Savings Accounts as a direct result of the merger. Interest rates on deposit and loan products will stay the same on day 1 of the Merged Bank. Competition laws prevent the two banks from discussing interest rate pricing prior to a successful member vote. Should the proposed merger be approved by members, variable rate products will be harmonised in due course and fixed rate products will be harmonised post-maturity. This will be undertaken by adopting the principle of ‘best of both banks’ and to ensure that members are better off overall.
Eligible members can vote at the SGM by attending in person or online.
In person
The SGM will be held at Library Auditorium, State Library of NSW, Macquarie Street, Sydney at 5pm (AEST) on Monday, 14 April 2025.
Online
https://meetings.lumiconnect.com/300-811-001-622
Meeting ID: 300-811-001-622
If you plan to attend the SGM please submit your rsvp on our website at qudosbank.com.au/sgm-rsvp
As a Qudos Bank member your member number, account numbers and BSB will not change on day 1 of the Merger. You will continue to access your accounts through the same Qudos Bank brand channels including internet banking, app, and contact centre channels, and keep using your existing debit, credit cards and digital wallets following the Merger.
Yes, if you have submitted a vote and wish to change it you can. However, this must be done before direct voting closes 48 hours prior to the SGM.
There will be more branches available for Qudos Bank members following the merger with Bank Australia. A total of 15 branches will be available for members compared to 5 today, including branches in Sydney, Melbourne, Brisbane, and Canberra CBD. All current branches will be retained and reviewed to best support our continued commitment to customer service. Head office operations will be split between Mascot (NSW) and Collingwood (VIC).
There will be no non-executive job losses or forced redundancies due to the Merger. We need our people more than ever, and everyone has a role to play now and in the Merged Bank. The Merger will create more opportunities for our people to develop their skills and grow their careers.
We're pleased to say our employees including the contact centre and lending teams will remain 100% Australian based. This merger is not about cutting jobs or reducing service to satisfy the financial demands of investors. It is about ensuring that we can keep delivering for members well into the future as a proudly 100% customer owned bank.
The benefits to members of a combined Qudos Bank and Bank Australia include:
If you would like a Voting Form, you can download and print the Voting/Proxy Form from the Merger Resources section of this webpage or call the Dedicated Merger Information Helpline on 1300 644 587 to request a Voting Form to be sent to your address.
The Merged Bank will have 10 non-executive directors with equal representation from Qudos Bank and Bank Australia, and one executive director (the Managing Director) to ensure retention of the required skills and experience.
Qudos Bank members will cease to be Qudos Bank members and will automatically become members of Bank Australia and will be issued a new share in Bank Australia with the same rights as other members.
Votes must be submitted by 5pm AEST on Saturday, 12 April 2025 to be counted.
Damien Walsh (Bank Australia) will become Chief Executive Officer and Managing Director, while Brendan Wright (Qudos Bank) will have the opportunity to continue with the merged entity in an executive capacity. The executive team will comprise a balance of Qudos Bank and Bank Australia executives across both the Sydney and Melbourne head offices.
The proposed merger has been reviewed by the Australian Government banking regulators including the Australian Prudential Regulation Authority (APRA), and approved to take the proposed merger to a vote of their members. APRA is responsible for ensuring that customers and the banking industry are protected. Its approval and 75% of votes cast by members being in favour of the proposed merger resolution is required before the merger can proceed.
Your member number can be found when you log in to internet banking or the Qudos Bank app. If you are unable to login and/or don’t know your member number, please call the Qudos Bank contact centre on 1300 747 747.
Bank Australia is an Authorised Deposit-taking Institution (ADI), just like Qudos Bank. Bank Australia meet the same strict standards as all Australian banks which are set out in the Banking Act 1959 and overseen by the Australian Prudential Regulation Authority (APRA). APRA’s rules on safety and capital that apply to banks apply to Bank Australia. This means Bank Australia is covered by the Financial Claims Scheme in the same way as Qudos Bank. Under the Australian Government’s Financial Claims Scheme (FCS), certain deposits are protected up to a limit of $250,000 for each account holder per ADI. For more information visit https://www.bankaust.com.au/support/financial-claims-scheme
After a thorough assessment, the Qudos Bank Board unanimously recommends that members vote “Yes” for the merger.
Once we receive the outcome of the regulatory review, we will provide members with a Member Information Booklet which will include detailed information about the merger, including both benefits and disadvantages so our members can make an informed decision.
The proposed merger will then require approval by members at both Qudos Bank and Bank Australia, we anticipate putting this to a vote by early to mid 2025.
Subject to the outcome of the member vote the target date for the first day of the merged bank is 1st July 2025.
No, the merged entity will continue to be 100% customer owned.
The merged entity will maintain the public commitments of Bank Australia.
Members will still enjoy free access to Qudos Bank ATMs as well as ATMs operated by the four major banks (CBA, ANZ, NAB, Westpac). Please note both Major and independent ATM networks may charge a fee for cash withdrawals and balance enquiries in some instances.
Members will be able to continue getting cash out when making a purchase via EFTPOS at selected retailers.
Another convenient way to make fee free cash withdrawals is by visiting one of over 3,300 participating Post Offices across Australia that offers Bank@Post services.
This webpage will be updated and members informed when new information is made available. Should you wish to speak to a Qudos Bank team member you can do so by calling us on 1300 747 747 and pressing 6, then 3 to speak with one of our customer service representatives about the merger.
Qudos Bank is one of Australia’s largest customer owned banks with over $5b in assets. Being 100% customer owned means our customers and owners are one and the same. Everything we do, the decisions we make, and the way we operate is designed with the customer at the heart of it all. We exist for the benefit of our customers and the community, not for making profit for the benefit of shareholders. We are a proud member of the Customer Owned Banking Association and have made a commitment to follow the Customer Owned Banking Code of Practice. We believe in doing the right thing for customers and our community, helping them realise their potential, and in the power of people coming together to pursue their financial freedom. Our goal is to be the bank our customers value most.
Bank Australia exists to inspire and empower customers to use their money to create a world where people and the planet thrive. We are 100% customer owned, a certified B Corp and we aim to be Australia’s most trusted bank. Our commitment to clean money means we focus our lending and investments in areas that do good, not harm, for people and the planet. We support over 190,000 customers and we’re the custodians of more than $11 billion in assets.
We acknowledge the Traditional Owners of the lands on which we operate and pay our respects to Elders past and present, and to emerging community leaders. We also acknowledge the important role Aboriginal and Torres Strait Islander peoples continue to play within the communities in which Qudos Bank operates and where our team members reside.
