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We’ve got some exciting news to share about our proposed merger with Bank Australia. After a fantastic voting period, with valuable insights and feedback provided by our members, the merger resolution was passed at the Special General Meeting on Monday night. More than 17,000 Qudos Bank members had their say, the greatest response for any resolution in our 65 year history, with a resounding 78.4% voting in support of the merger. Bank Australia also held a Special General Meeting this week, with members also voting strongly in favour of the merger.
This is a great result and an exciting opportunity for our people and members. We couldn’t be prouder to bring our two strong customer-owned banks together and we’d like to thank all of our members who took the time to vote. Everyone who voted has played an important role in shaping the future of our customer-owned bank.
Together with Bank Australia we'll have a combined total of over $17.5 billion in assets, with over 900 employees serving 300,000 members across Australia. This means we’ll be able to offer even better products, services, and banking experiences - while continuing to grow the impact we can make on your behalf well into the future.
With members of both banks supporting the merger, we will now proceed with the final regulatory approvals ahead of the merger date of 1 July2025. In the meantime, we’ll be working behind the scenes to bring our two banks together smoothly and seamlessly for you.
On day one together, your day-to-day banking with us won’t change but you will benefit from a range of benefits like reduced fees on a number of products, access to 10 more branches and greater customer service capacity.
Over the coming months we’ll keep you informed of everything you need to know about the merger and how it may affect you. In the meantime, we encourage you to read more about the benefits this merger will have on our our products and services, branches, technology, cybersecurity and impact.
The Member Information Booklet contains important details of the Merger of Qudos Bank and Bank Australia including:
Download the Member Information Booklet
There will be access to a larger branch network and no branch closures
Banking products, including Qantas Points products, will be retained
There will be a wider range of products and a number of reduced fees and charges
We will remain 100% customer-owned
Your account details and how you bank with us will stay the same
100% Australian based employees and contact centre
Thank you to all our members that joined us for our Special General Meeting on Monday 14th April 2025, both in person and online. We received a very high level of participation, with 17.27% of members voting on the Special Resolution. Thank you to all members that had their say and contributed to the vote.
The SGM 2025 voting results are shared below. As a proudly customer-owned bank we value your participation and ongoing support.
THAT the members of Qudos Mutual Limited approve the total transfer of the business of Qudos Mutual Limited to Bank Australia Limited, to take effect on 1 July 2025 or on such other date as may be specified by the Australian Prudential Regulation Authority.
The Merger Resolution received 78.43% of votes in favour and was carried.
The resolution required a minimum threshold of 75% of voting members to vote in favour of the resolution for it be carried.
If members have any further questions regarding the resolution they can contact us at member_relations@qudosbank.com.au.
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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:
A full set of FAQs is available on page 81 of the Member Information Booklet.
Both the Qudos Bank and Bank Australia brands will continue to operate in the market from day one including how members engage with Qudos Bank brand channels. Your day-to-day experience with Qudos Bank across online banking, the app, contact centre and branches, will remain the same. As a customer-owned bank, in the event of a potential future review of the brand names used by the Merged Bank, then members will be engaged for their views. As two banks are coming together, the Merged Bank will operate as one legal entity (Bank Australia Limited), but this won’t change the brand names in the market. The Qudos Bank brand will continue to exist as Qudos Bank in the same way it does today under the current legal entity of Qudos Mutual Limited.
While our name has evolved over the years, our commitment to serving our members has remained the same. As a customer-owned bank this commitment is unwavering. This merger isn’t about changing who we are—it’s about strengthening our ability to invest in the technology, products, and services that make banking easier and more rewarding for our members.
No, Qudos Bank and Bank Australia coming together is not a buyout or a takeover. This is a true merger of equals between two customer-owned banks that will remain 100% customer-owned. This is reflected in the balanced representation from both banks across both the Board (the current Chair of Qudos Bank, Jennifer Dalitz will be Chair of the Board of the merged group) and executive level with head offices in both Collingwood (VIC) and Mascot (NSW).
The proposed merger is a proactive, strategic choice by the Board to ensure the history and service ethos of Qudos Bank can be maintained and enhanced for members well into the future. After careful consideration, we believe Bank Australia is the ideal merger partner because of the strong alignment of both banks’ values, culture and purpose. By combining our strengths and upholding our values, we will continue our commitment to customer ownership and operate as a customer-owned bank.
You can find more detailed information about the Merger and the Merger process in the Member Information Booklet available on our website.
Should the merger proceed, accounts and products held by members of each bank will continue on existing terms and conditions. Plus, as a result of the merger there will be savings for members via a number of reduced fees and charges across the product range. Products earning Qantas Frequent Flyer points will remain.
There will be no changes to interest rates on savings, term deposits, loans and Retirement Savings Accounts as a direct result of the merger. Interest rates on deposit and loan products will stay the same on day 1 of the Merged Bank. Competition laws prevent the two banks from discussing interest rate pricing prior to a successful member vote. Should the proposed merger be approved by members, variable rate products will be harmonised in due course and fixed rate products will be harmonised post-maturity. This will be undertaken by adopting the principle of ‘best of both banks’ and to ensure that members are better off overall.
As a Qudos Bank member your member number, account numbers and BSB will not change on day 1 of the Merger. You will continue to access your accounts through the same Qudos Bank brand channels including internet banking, app, and contact centre channels, and keep using your existing debit, credit cards and digital wallets following the Merger.
There will be no non-executive job losses or forced redundancies due to the Merger. We need our people more than ever, and everyone has a role to play now and in the Merged Bank. The Merger will create more opportunities for our people to develop their skills and grow their careers.
We're pleased to say our employees including the contact centre and lending teams will remain 100% Australian based. This merger is not about cutting jobs or reducing service to satisfy the financial demands of investors. It is about ensuring that we can keep delivering for members well into the future as a proudly 100% customer owned bank.
The benefits to members of a combined Qudos Bank and Bank Australia include:
Qudos Bank members will cease to be Qudos Bank members and will automatically become members of Bank Australia and will be issued a new share in Bank Australia with the same rights as other members.
The proposed merger has been reviewed by the Australian Government banking regulators including the Australian Prudential Regulation Authority (APRA), and approved to take the proposed merger to a vote of their members. APRA is responsible for ensuring that customers and the banking industry are protected. Its approval and 75% of votes cast by members being in favour of the proposed merger resolution is required before the merger can proceed.
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
Members will still enjoy free access to Qudos Bank ATMs as well as ATMs operated by the four major banks (CBA, ANZ, NAB, Westpac). Please note both Major and independent ATM networks may charge a fee for cash withdrawals and balance enquiries in some instances.
Members will be able to continue getting cash out when making a purchase via EFTPOS at selected retailers.
Another convenient way to make fee free cash withdrawals is by visiting one of over 3,300 participating Post Offices across Australia that offers Bank@Post services.
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.
