18 March 2025
Bank Australia and Qudos Bank have received approval from the Australian Prudential Regulation Authority (APRA) to take their proposed merger to a vote of their members. A successful member vote will create a stronger, more resilient bank for members with 900 employees and 15 branches across New South Wales, Victoria, Queensland and ACT.
The approval by APRA is a significant milestone, following early, open, and constructive communication about the proposed merger with members of both banks.
APRA’s approval required both banks to meet the appropriately higher regulatory standards required of a Significant Financial Institution (SFI) in the Australian banking system.
Qudos Bank and Bank Australia will now provide members with voting materials, including a member information booklet which sets out details of the proposed merger and the benefits to members.
Member voting will now commence, with the outcome of the proposal to merge confirmed at each bank’s Special General Meetings (SGM) in mid-April.
Qudos Bank’s Chief Executive Officer, Brendan Wright said:
“I’m very pleased to announce that we have received regulatory approval to take the proposed merger to our respective members for their endorsement.
“Getting the green light from APRA means we can progress with our plans to create one of the largest customer-owned banks in the country, supporting 300,000 members with total assets of over $17.5 billion.
“Our aim is to deliver greater value to members today and into the future by taking a ‘best of both banks’ approach to the merger. This approach will provide immediate benefits to members via lower fees and charges on a range of products and services and an expanded branch network.
“For Qudos Bank members, ten more branches will be available including in the CBD of Sydney, Melbourne, Brisbane and Canberra. There will be no branch closures as a result of the merger.
“Members of both banks will shortly receive voting materials and more details on the proposed merger via the member information booklet. We encourage all members to read the materials, understand how the merger will benefit them and have their say by casting a vote.”
Bank Australia’s Managing Director, Damien Walsh, said:
“From the outset, both Bank Australia and Qudos Bank have worked collaboratively on this strategy, adopting a merger of equals approach and focusing on how the merger can benefit our members, employees and communities.
“Bank Australia and Qudos Bank share strong values, purpose and cultural alignment and this merger will allow us to create a better, stronger and more resilient bank for our members.
“This merger will increase our ability to invest in better products, services and technology, while building on our commitment to create positive impact for people and the planet on behalf of our customers.
“A successful merger will give us the scale and ability to invest in a range of critical areas like digital experience, cybersecurity, and fraud detection and prevention technology to help keep our customers and their money safe.
“Our people will also benefit from enhanced career development and growth opportunities as a part of a larger customer-owned bank and we remain committed to 100% Australian based employees, including contact centres”.
-ENDS-
Media Enquries
Cannings Strategic Communications
Michael Lovesey
E: mike.lovesey@canningscomms.com
M: 0449 607 636
Qudos Bank is one of Australia’s largest customer owned banks with over $5.8b in assets supporting 100,000 members. Being 100% customer owned means our customers and owners are one in the same. Everything we do, the decisions we make, and the way we operate is designed with the customer at the heart of it all. We exist for the benefit of our customers and the community, not for making profit for the benefit of shareholders. We are a proud member of the Customer Owned Banking Association and have made a commitment to follow the Customer Owned Banking Code of Practice. We believe in doing the right thing for customers and our community, helping them realise their potential, and in the power of people coming together to pursue their financial freedom. Our goal is to be the bank our customers value most.
Bank Australia exists to inspire and empower customers to use their money to create a world where people and the planet thrive. We are 100% customer owned, a certified B Corp and we aim to be Australia’s most trusted bank. Our commitment to clean money means we focus our lending and investments in areas that do good, not harm, for people and the planet. We support over 190,000 customers and we’re the custodians of more than $11.7 billion in assets.
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.
