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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.
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| Gain access to a wider range of products and services. |
| Access to a larger branch network including in the Sydney, Melbourne, Brisbane and Canberra CBD. |
| Increased investment into technology to improve our digital banking experience and customer service. |
| Ongoing commitment to continuous enhancements in cybersecurity and fraud/scam prevention. |
| Greater financial strength for the future. |
| Increased focus and investment in environmental, social and sustainable banking. |
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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.
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Qudos Bank has unveiled a new member hub to provide information and updates on its proposed merger with Bank Australia.
Mortgage Professional Australia
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Qudos Bank and Bank Australia announced their intention to explore a merger between two of Australia’s leading purpose driven customer owned banks.
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Qudos Bank and Bank Australia to proceed with proposed merger following due diligence.
Learn moreSome of the links above may direct you to external websites. Qudos Bank is not responsible for the quality, content, nature or reliability of any linked site, nor for your use of any linked website.
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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.
The proposed merger will be reviewed by the Australian Government banking regulators including the 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 the member of both banks is required before the merger can proceed.
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 including in areas like:
Should the merger proceed accounts and products held by members of each bank will continue on existing terms and conditions. Our contact centre, branches, internet banking and the Qudos Bank App will all continue. It is our goal to deliver greater value for members through the merger via reduced fees and charges across both banks and improvements in the member experience.
More information on the benefits to members via products and services will be outlined in the Member Information Booklet which will be provided following regulatory approval in early to mid-2025.
You'll also continue to enjoy the same customer-owned bank service you've come to know and love.
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 immediate change to any of your day-to-day banking, accounts and products held by members will continue on existing terms and conditions. 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 member of a larger bank.
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.
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.
There will be no forced redundancies. Our people are the key to how we deliver for our members, and in building an even better bank we will need everyone on board. There will be opportunities for all current non-executive employees to continue working with the merged bank including redeployment career opportunities where appropriate.
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.
Both the Qudos Bank and Bank Australia brands will be retained and continue to operate on day 1 of the merged bank. Members will be engaged for their views on significant matters such as the brand strategy should there be a review in the future.
No, this is a true merger of equals reflected in the balanced representation from both banks across both the Board and executive level with head offices in both Collingwood (VIC) and Mascot (NSW).
No, the merged entity will continue to be 100% customer owned.
If the merger is approved the Merged Bank remains a customer owned bank. Qudos Bank members will become members of Bank Australia.
Members of both banks will be asked to vote on the merger proposal. While it is too early to identify a specific date when members may be asked to vote, once regulatory approval is confirmed it is anticipated that a vote will be held in early to mid 2025. We will keep employees and members informed of progress. Members will be provided with a detailed information pack ahead of being asked to vote.
The merged entity will maintain the public commitments of Bank Australia.
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
No matter where you live in Australia, members will still be able to access Major Bank ATMs. Please note both Major and independent ATM networks may charge a fee for cash withdrawals and balance enquiries in some instances.
Members will also be able to continue getting cash out when making a purchase via EFTPOS at selected retailers.
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.
Members will be informed of important updates directly via email, and this web page, as soon as further information becomes available.
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.
