Variable loan rate decrease – we’re passing on the full 25 basis point cut to existing variable loan interest rates effective 27 February 2025. Learn more
Variable loan rate decrease – we’re passing on the full 25 basis point cut to existing variable loan interest rates effective 27 February 2025. Learn more
The information hub provides everything you need to know about our proposed merger with Bank Australia, another 100% Australian-based customer-owned bank.
As a Qudos Bank member, you have the power to create an even stronger and more enduring customer-owned bank. We need your vote. While the exact timing of the vote is still to be confirmed, we anticipate to be asking you to vote in early to mid 2025.
We'll be sharing even more information along the way to help you make your decision. Join us at one of our upcoming member events to hear more about the merger and speak directly with our CEO. After we've received approval from regulators, we'll be releasing the Member Information Booklet and information on how to vote so you can review in detail the pros and cons of the proposed merger and vote to have your say.
Qudos Bank is a strong, sustainable and successful bank, but we operate in an increasingly competitive market. As a smaller institution competing against major banks, we are seeing increasing pressures from growing regulatory requirements and the need for greater investment in technology to fund continued improvements in customer experience that our members deserve.
Merging with Bank Australia will help us meet the challenges and position the merged bank strongly for the future. Bank Australia is an ideal merger partner as a proudly customer-owned bank, with aligned values and a commitment to purpose and positive impact.
Our merger with Bank Australia is a proactive strategy, aimed to increase our collective impact, enhance our levels of service and maintain competitive products for members. We want to build a strong future for our bank so we can continue to serve our members for another 65 years and beyond.
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We've chosen Bank Australia as our ideal merger partner. From our shared history credit unions supporting key industry sectors and communities since the 1950s, to our current status as two of Australia's leading customer-owned banks, a successful merger will bring together our combined legacies and ongoing commitment to customer ownership.
Like Qudos Bank, Bank Australia:
With 10 Bank Australia branches across Australia, this will bring the Merged Bank's total branch footprint to 15 branches across the Eastern coast of Australia.
Regulatory review of applications. The industry regulator (APRA) is currently reviewing both banks' applications. We will know if they are approved by early 2025.
Member Information Booklet released. Members will 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.
Member vote. Members will be asked to vote on the proposed merger at an SGM. Voting will be open through a third-party online platform prior to a customer vote.
Merger date. Members will be notified of the outcome of the vote, and should the merger be successful, the merged entity will begin from 1 July 2025.
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.
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.
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.
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.
No closures, more branches
Providing even more value for members
Preserving Our Heritage
Australia’s small banks must get bigger to compete against the majors, and the head of one challenger believes the mutual sector could be reduced to just 10 contenders in a decade as mergers increase.
David Ross, The Australian, 15 Jan, 2025
Learn more
Less than a decade after their much-heralded arrival on the Australian banking scene, all indications are our neobanks are dead.
Brendan Wright, The Australian, 15 Jan, 2025
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.
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.
