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17 April 2025
Bank Australia and Qudos Bank are pleased to announce their merger will proceed following the successful results of the member merger votes.
Both banks received overwhelming support from members exceeding the required 75% ‘yes’ vote as part of the merger process. This follows the Australian Prudential Regulatory Authority’s (APRA) preliminary approval of the merger, announced on March 18, 2025.
The next step is underway with Bank Australia seeking final regulatory approval from APRA as the banks prepare to bring the two organisations together as a merged entity on 1 July 2025.
Together the merged bank will have a combined total of over $17.5 billion in assets, serve 300,000 customers across Australia, and have 900 employees. All employees remain 100% Australian based, and the merged bank will operate an expanded 15 branch network across New South Wales, Victoria, Queensland and the Australian Capital Territory. Both banks have experienced strong lending and deposits growth heading into the merger. Now with the combination of Bank Australia’s historic strength in Victoria and Qudos Bank’s strong presence in New South Wales new growth opportunities open up for the merged entity to extend the benefits of customer owned banking to even more Australians.
Bank Australia Managing Director, Damien Walsh said:
“Throughout the merger process we’ve been committed to ensuring customers understand the benefits of the merged bank, so we are incredibly pleased to have had such a strong member vote in favour of the merger.
“We are thrilled about the value the merger will create for customers as we embark on a new phase of growth, ensuring our people and purpose are at the heart of everything we do.
“With the successful member vote we can continue to move ahead with seeking final regulatory approval and planning for day 1 of the merged bank. The focus of the merger is to provide customers with more benefits through a better, stronger and more resilient customer-owned bank and we’d like to thank everyone for taking the time to vote.’’
Qudos Bank Chief Executive Officer, Brendan Wright said:
“As a customer-owned bank listening to our members is core to what we do. During the merger process we held many member information sessions and answered lots of questions about what a merger would mean. We are delighted that Qudos Bank members so strongly support the merger, and we thank them for their time to engage and have their say by voting.
“The merger with Bank Australia is a significant milestone in Qudos Bank’s history and one we are excited about. We look forward to delivering greater value to members via lower fees and charges on a range of products, an expanded branch network and access to new products. Member benefits that would not have been possible without the merger.”
Reflecting the merger agreements ‘equal partners’ approach from the outset Jennifer Dalitz (Qudos Bank) will become inaugural Chair and Steve Ferguson (Bank Australia) 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 reflecting the increased scale of the bank and requirements as a Significant Financial Institution (SFI) by APRA.
Damien Walsh (Bank Australia) will become Chief Executive Officer and Managing Director of the merged bank. Having successfully led the Qudos Bank transformation and merger strategy Brendan Wright (Qudos Bank) will leave the merged bank on 30 June 2025. Both banks wish to thank Brendan for his outstanding leadership and values-led approach in driving the merger strategy.
Media Enquiries
Bank Australia
Emma Rowland
E: corporateaffairs@bankaust.com.au
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.
