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Here you can learn more about our proposed merger with Qudos Bank. You’ll find resources and information you need to know about the merger, and we’ll update this page regularly to keep you well informed along the way.
As a Bank Australia customer, you have the power to help create a better, stronger and more resilient customer-owned bank, and one that can create even greater positive impact for our communities and planet. In 2025 we’ll ask you to vote on the proposed merger. To help you make an informed decision on the merger we’ll provide you with a range of detailed information and resources in the lead up to the vote.
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More for you, more for customers
Building a better bank
Greater impact for people and planet
We need your help
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Customers will have their say on the proposed merger and be asked to vote in 2025.
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Closer to the vote, we’ll provide all customers with a detailed information booklet about the merger with everything you need to know to help you cast your vote.
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Bank Australia and Qudos Bank have very similar values, and we’re both committed to remaining customer owned and creating positive impact.
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We’ll remain committed to creating positive impact, and by merging with Qudos Bank we’ll be able to do more for people and the planet.
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The merger will help us to increase our investment in digital technology, security and customer service.
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Customers will benefit from the merged bank’s approach to products and services, which will leave customers better off overall.
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The merged bank will maintain 15 branches across New South Wales, Victoria, Queensland and the ACT.
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Employees from both banks will have roles in the merged bank. We’ll need everyone pitching in to build an even better bank for our customers.
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The merger will create more career development and learning opportunities for our team members.
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We’re currently seeking approval from APRA, the banking regulator, for the merger. If APRA approves, we’ll ask customers to vote in support of the merger.
Established as the credit union for Qantas employees in 1959, Qudos Bank traces its legacy through its support of people working in the aviation industry to today where it supports the banking needs of a diverse customer base across Australia. This heritage mirrors Bank Australia’s origins supporting employee credit unions in diverse sectors like science and technology, education, energy, media and aviation among many others since 1957.
Qudos Bank has a fundamental commitment to the principles of customer ownership and putting the needs and interests of customers at the heart of its operations. And like Bank Australia, Qudos Bank reinvests profits back into the business to provide fair rates and fees for customers and contributes to a range of initiatives that create positive community and environmental impact.
Qudos Bank is a financially strong and well managed customer owned bank. Like Bank Australia, Qudos Bank has performed well over the past 5 years, experiencing sustainable growth and improving customer experience while effectively managing its costs. Qudos Bank operates a small network of 5 branches, which will bring the Merged Bank’s total branch footprint to 15 branches across Victoria, New South Wales, Queensland and the ACT.
There are a number of steps and approvals needed for the merger to proceed.
In February 2024 we signed a Memorandum of Understanding (MOU) with Qudos Bank to formalise our intent to merge.
From February to May both banks conducted due diligence and each Board agreed to continue to explore the merger
APRA application lodged. We are here.
Member vote. Customers will be asked to vote on the proposed merger much like our AGM each year. Voting will be open through a third-party online platform prior to a customer vote.
Merge date. Should this merger be successful, the merged entity will begin from 1 July 2025.
The merged bank will operate as Bank Australia Ltd and maintain both Bank Australia and Qudos Bank brands in the period following the merger, with an intention to review the future brand strategy in due course.
No, the merged entity will continue to be 100% customer owned.
Should this merger be successful, the merged entity will begin from 1 July 2025.
Key to the proposed merger is the values alignment between the two banks. The merged entity will maintain the public commitments of Bank Australia including:
No, all 15 current branches will be retained and reviewed by the merged entity to support customer service requirements. Head office operations will be split between Collingwood (VIC) and Mascot (NSW).
Customers will benefit from the merged bank’s approach to products and services, which will leave customers better off overall.
Over time as our systems are integrated, customers will gain access to a wider range of products and services as a result of the merger.
This is an exciting time for employees of both banks. We need our people more than ever, and everyone has a role to play now and in the merged entity.
Bringing Bank Australia and Qudos Bank together would create an entity supporting 300,000 customers with total assets approaching $20 billion and served by almost 900 employees.
If the merger proceeds, Damien Walsh (Bank Australia) will become Chief Executive Officer and Managing Director. A MergeCo executive designate team has been appointed to lead the merged bank.
The proposed Board is composed of Jennifer Dalitz (Qudos Bank) as inaugural Chair and Steve Ferguson (Bank Australia) as inaugural Deputy Chair of the merged entity. The merged Board will include equal representation from both banks and will ensure retention of the required skills and experience.
As a customer-owned bank, your feedback is important to us. Send us a message so we know what you think.
