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Coming together to do more for you

Qudos Bank and Bank Australia forging a customer-owned future

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.

Why are we proposing a merger?

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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This means more for you, and more for members

check_icon Gain access to a wider range of products and services.

toolkit icon Access to a larger branch network including in the Sydney, Melbourne, Brisbane and Canberra CBD.

toolkit icon Increased investment into technology to improve our digital banking experience and customer service.

toolkit icon Ongoing commitment to continuous enhancements in cybersecurity and fraud/scam prevention.

toolkit icon Greater financial strength for the future.

toolkit icon Increased focus and investment in environmental, social and sustainable banking.

Who is Bank Australia?

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:

  • Like Qudos Bank, Bank Australia is 100% customer-owned, meaning profits are reinvested back in the form of competitive rates and fair fees as well as uplifting quality products and services for members.
  • We’re both focused on continuing our heritage and legacy, Bank Australia has been a trusted bank for over 67 years, and Qudos Bank for 65 years.
  • Similar to Qudos Bank, Bank Australia has achieved plenty of awards from Finder, Canstar, Money Magazine, Mozo, Product Review and Rate City.
  • Bank Australia is passionate about clean money and has committed to reach net zero emissions by 2035.
  • With 10 Bank Australia branches across Australia and a Head Office in Collingwood, VIC, this helps strengthen the Qudos Bank branch presence for members across the Eastern coast of Australia.
  • Both banks have similar values and hold the same great community and customer-first ethos.

Learn more about Bank Australia
“We see the proposed merger as an exciting opportunity that would see the two customer-owned banks coming together to do more for members, enabling greater investment in even better products, services, digital banking technology for our customers and creating a positive impact for communities and the environment.”
Jennifer Dalitz
Chair, Qudos Bank

But before we move forward to deliver for members via the Merger we need your vote!

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.

Latest news on the proposed merger with Bank Australia

Creating Australia's leading purpose driven bank

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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Proposed Merger Update

Qudos Bank and Bank Australia to proceed with proposed merger following due diligence.

Learn more

Helpful information on the proposed merger

Frequently Asked Questions

Find 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.

Do I have to vote?

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.

Does the proposed merger require regulatory and member approval?

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.

How will the combined Board be composed?

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).

How will this impact my home loan, term deposit or Qantas accounts?

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.

Is this a takeover?

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).

What are the key reasons for merging?

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:

  • 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.
  • 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.
What does this mean for me and my accounts?

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.

What is a merger?

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.

What is the timeframe for the merger?

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.

What will the name of the merged entity be?

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.

Where can I find more information?

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.

Will both brands be retained?

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.

Will existing employees retain their positions?

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.

Will the merger affect the customer ownership structure?

No, the merged entity will continue to be 100% customer owned.

What's happened so far?

Members will be informed of important updates directly via email, and this web page, as soon as further information becomes available.

What to expect next?

Early 2025
APRA Review
We expect the industry regulator (APRA) to review both banks' applications and let us know if they are approved by early 2025.
Member Information
Members will then receive detailed information outlining key terms of the merger between Qudos Bank and Bank Australia and a timeframe for the member vote will be set.
Mid 2025
Member Vote
All members will vote on the merger in mid 2025.
Final Outcome
Members will be notified of the final outcome of the merger.

We value your opinion about the merger and we'll be listening.