Your merger questions answered

Hi, I’m Brendan Wright, CEO of Qudos Bank.

For over six decades, we’ve built a strong foundation as a proudly customer-owned bank from the beginning of our Qantas origins and the Qantas Staff credit union.

Remaining Customer-Owned and Listening to our Members

Since we announced our proposed merger with Bank Australia earlier this year we have gathered wonderful feedback from our members through dedicated focus groups, conversations with our branch and contact centre staff and via your queries submitted on our digital member hub.

I’d like to answer your questions and highlight how this merger respects our heritage and commitment to customer-owned banking whilst ensuring a brighter future for our members.

What the merger means for your products and services?

As a customer-owned bank, Our priority is always our members, and this merger will allow us to offer a best of both approach to products and services ensuring our members are better off overall. You’ll continue to receive the same personalised service you value with all the customer service remaining proudly based in Australia.

Additionally, the scale and investment that come from being part of a larger, stronger organisation will create opportunities for new and improved products in the future. It will also allow members to access a wider Branch network with 15 branches in total and CBD branches in Sydney, Melbourne, Brisbane and Canberra.

What will happen to Qudos Bank branches?

More specifically around branches we've received regular feedback over the years around the closure of our Sydney CBD Branch. The proposed merger with bank Australia means that we will now again have a branch in the CBD of Sydney for the benefit of the members of Qudos Bank.

Will the Merger be preserving our heritage?

The Qantas and Qantas Staff Credit Union history is an integral part of Qudos Bank’s identity and we are deeply committed to preserving it. This merger isn't about leaving our heritage behind, it's about strengthening our ability to honor it.

We will continue to celebrate the historical connection to Qantas as many of our members are Qantas employees or the relatives of past and present employees. We do this through our shared history values and commitment to serving our members with the same care and dedication that they have come to known and trust for 65 years.

By merging with Bank Australia we'll have greater resources to ensure that the values and traditions that matter most to you endure for generations to come.

While scale matters in banking we're committed to using it to serve you better now and in the future. We will always remain our proudly customer owned bank where members continue to have their say.

What will happen if the merger doesn’t go ahead?

The reason we're proposing this merger is to ensure we keep delivering for our members well into the future by not merging this will limit our ability to invest in the technology products and services that make banking easier and more rewarding for you. if this merger doesn't go ahead we will continue to pursue a merger strategy.

After a period of significant strategic review and consideration we believe that a merger with a like-minded values aligned customer ownED bank is the best path to build an enduring future for our bank and its members.

However there is a risk that a future partner may not share the same values or have the same commitment to our heritage as Bank Australia, who like Qudos Bank have a history formed on industry-based credit unions such as CSIRO and teaching employees. This is why we believe a merger with Bank Australia is the best fit.

This merger isn't about creating a bigger bank, it's about reinforcing our commitment to remain a better bank for our members.

How is this a true merger of equals?

This merger represents a true partnership between equals with balanced representation from both Qudos Bank and Bank Australia at the Board and Executive levels with the current Qudos Bank chair Jen Dalitz becoming the chair of the merged bank. There will also be dual head offices in both Collingwood, Victoria and Mascot, New South Wales and the Qudos Bank brand will continue to operate under the merged entity.

Qudos Bank members will become members of the merged bank and as a customer owned bank continue to have their say.

Thank you for being a member and your commitment and loyalty to Qudos Bank.

Please reach out with any additional questions together we're building on our heritage to build an even better bank for the future.