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Our members are at the heart of everything we do, and together with Bank Australia, we're invested in creating a better banking experience for you into the future.
A merger between Bank Australia and Qudos Bank would bring two proudly customer owned banks with a strong sense of purpose and shared values together to do more for members. The new, combined bank would have over $20 billion in assets and continue the same great community and customer-owned ethos for more than 300,000 members and 900 employees - a commitment you can bank on.
Our proposed merger with Bank Australia is an exciting development in the history of Qudos Bank. A history that has been built by members and for members. Members can be assured that our focus remains on you throughout the proposed merger and beyond. The merger is a proactive strategy, aimed to increase our collective impact, enhance our levels of service and competitive products for members and remain 100% customer owned.
Qudos Bank and Bank Australia are in sound financial positions, with an eye to the longer-term future it will become increasingly challenging for us to invest at the levels required to support the technology, service and products our members deserve to remain competitive within the Australian banking sector. At its heart this merger is about the long term for Qudos Bank and Bank Australia, and continuing to support our members with the service they deserve well into the future.
If approved the merger will combine our strengths and shared values, while celebrating our history and what makes us unique.
Bank Australia is 100% customer-owned, a certified B Corp and aims to be Australia’s most trusted bank. They’ve been supporting their customers for over 67 years and are the custodians of more than $11 billion in assets. Over 190,000 Australians choose Bank Australia as their bank.
Celebrating our similarities while leveraging our differences:
Following review by Australian Government banking regulators members of both banks will have the opportunity to have their say on the merger via a member vote. We will share more of the detailed plans for the merger and the benefits for members along with details on how to vote in early to mid-2025.
Qudos Bank and Bank Australia announced their intention to explore a merger between two of Australia’s leading purpose driven customer owned banks.
Learn moreQudos Bank and Bank Australia to proceed with proposed merger following due diligence.
Learn moreFind answers to frequently asked questions from our members. Haven't found what you're looking for? Send us your question using the form below and we'll add the response to the page for the benefit of all our members.
Although voting is not mandatory, we really encourage members to have their say in shaping the future of our bank. It’s part of the Qudos Bank constitution to allow members a chance to share their voice and part of our customer-owned philosophy to continue to put members first. You can find out more about your rights to vote here.
The proposed merger will be assessed by the Australian Government banking regulators including Australian Prudential Regulation Authority (APRA). APRA is responsible for ensuring that customers and the banking industry are protected. Its approval and a yes vote from both banks members is required before the merger can proceed.
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).
There will be no immediate change to any of your day-to-day banking.
Post-merger you’ll continue to enjoy the same great products and customer-owned bank service you’ve come to know and love, with the opportunity to access new products in the future from the investment that comes from being a larger bank.
No, this is a true merger of equals reflected in the representation from both banks across both the Board and executive level with head offices in both Collingwood (VIC) and Mascot (NSW).
The merger is a proactive strategy, to ensure we continue to invest and deliver the benefits of customer owned banking that members deserve well into the future. The merged bank will benefit from the shared strengths of the existing partners with increased capability and capacity for product, customer service and technology enhancements. Importantly the merger is a true merger of equals, with Bank Australia sharing similar values, culture, purpose and commitment to customer owned banking.
This means more for you, and more for members:
Should you vote in support of the merger and it goes ahead, products held by customers will continue and you will be notified of any changes to terms and conditions. You’ll continue to enjoy the same customer-owned bank service you’ve come to know and love.
A merger occurs when two entities come together to form a single entity (e.g. Qudos Bank and Bank Australia). This is usually done to create a stronger entity that can offer better products, services or experiences for their customers.
This allows companies to invest more to improve the benefits they provide customers in an increasingly competitive landscape. In Banking, mergers are overseen and require regulatory approval by APRA who undertake appropriate consultations with ASIC, ATO and Treasury, which ensures mergers don’t lead to anti-competitive banking behaviour and negatively impact consumers.
Once we receive the outcome of the regulatory review, we will issue 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 vote by early to mid 2025.
The legal name of the merged entity will be Bank Australia Ltd. However upon merging both the Qudos Bank and Bank Australia brands will still operate, until such time as may be otherwise decided.
This webpage will be updated as and 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 7 to speak with one of our customer service representatives about the merger.
Both Qudos Bank and Bank Australia brands will continue to operate under the merged bank until such time as may be otherwise decided. Members will be informed if there is a proposed review of the brand strategy in the future.
There will be opportunities for all current non-executive employees to continue working with the merged bank including redeployment career opportunities where appropriate. There will be no forced redundancies.
No, the merged entity will continue to be 100% customer owned.
Members will be informed of important updates directly via email, and this web page, as soon as further information becomes available.