Scheduled Outage – Sunday 17th November - Banking Services – find out more
Scheduled Outage – Sunday 17th November - Banking Services – find out more
Bank Australia and Qudos Bank have agreed to continue to explore a proposed merger and seek regulatory approval to merge before asking members to vote in 2025.
The two customer owned banks announced the proposed merger in February 2024 with the Boards of both banks citing the strong values alignment, commitment to customer ownership and opportunity to scale their impact as the basis for exploring the merger.
Bringing Bank Australia and Qudos Bank together would create one of Australia’s largest customer owned banks supporting 300,000 customers with total assets exceeding $17 billion and served by almost 900 employees.
Qudos Bank Chair Jennifer Dalitz said “We’re pleased to be proceeding with the proposed merger of two of Australia’s leading customer owned banks, Bank Australia and Qudos Bank following a successful due diligence phase. We see the proposed merger as an exciting opportunity that would create one of Australia’s largest customer owned banks, and enable greater investment in even better products, services, digital banking technology for our members and creating a positive impact for communities and the environment.”
Bank Australia Chair Steve Ferguson said “The proposed merger between Bank Australia and Qudos Bank would provide an opportunity to accelerate the growth of two financially strong customer owned banks. Qudos Bank shares our strong focus on supporting customers and their communities to thrive, so their vision of sustainable future aligns closely with ours. The growth from a merger would allow us to deliver even greater experiences for our members, and increase the reach of our purpose driven banking to more Australians.’’
During the next phase of due diligence, both banks will focus on identifying the benefits and risks of the proposed merger, along with developing the plans, strategies and structures needed to successfully merge.
Members of both banks will be kept informed of progress and will be provided with further information to support them to make an informed decision ahead of the vote.
All current branches will be retained and reviewed by the merged entity to support our continued commitment to customer service. A total of 15 branches will be available for members under the Merged Bank, including branches in the Sydney, Melbourne, Brisbane and Canberra CBD. Our Head office operations will be split between Mascot (NSW) and Collingwood (VIC).
Products held by customers of each bank will continue on existing terms and conditions following the merger.Should the proposed merger be approved - variable rate products will be harmonised in due course and fixed rate products will be harmonised post maturity.
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.
Both the Bank Australia and Qudos Bank brands will be retained in the period following the merger, with an intention for future review in due course.
The merged entity will maintain the public commitments of Bank Australia.
No, the merged entity will continue to be 100% customer owned.
If both Boards decide to recommend a merger following the due diligence process, members of both banks will be asked to vote on the merger proposal.While it is too early to identify a date when members may be asked to vote, if the merger does proceed a vote will be held in late 2024 or early 2025. We will keep employees and customers informed of progress.Members will be provided with a detailed information pack ahead of being asked to vote.
The proposed Board composition with Jennifer Dalitz (Qudos Bank) as inaugural Chair and Steve Ferguson (Bank Australia) as inaugural Deputy Chair.The merged Board will include equal representation from both banks and will ensure retention of the required skills and experience.
Damien Walsh (Bank Australia) to 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 proposed merger will be assessed by the Australian Prudential Regulation Authority (APRA) and its approval needed for the merger to proceed. APRA will undertake appropriate consultations with ASIC, ATO and Treasury, etc.
Qudos Bank is one of Australia’s largest customer owned banks with over $5b in assets. Being 100% customer owned means our customers and owners are one and 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 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.
