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We recently announced the exciting news that Qudos Bank and Bank Australia members voted in favour of a merger. After a fantastic voting period, with valuable insights and feedback provided by our members, the merger resolution was passed at the Special General Meeting. 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, with members also voting strongly in favour of the merger.
This is a great result and an exciting opportunity for our people and members. 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.
We're looking forward to bringing together our two customer-owned banks on 1 July or such other date as approved by APRA. We've been 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 changes like reduced fees on a number of products, access to 10 more branches and greater customer service capacity.
Reduced fees and charges
Members will benefit from a number of reduced fees and charges on transaction and savings accounts, credit cards and loans.
A full outline of the changes can be found on our Fees and Charges web page.
Paid share transfer
All members of Qudos Bank will become members of Bank Australia, and will be taken to hold one member share in Bank Australia. Members of Qudos Bank will be deemed to have been admitted as members of Bank Australia on the date when they first became members of Qudos Bank.
More information will be provided when the transfer date nears.
Access to 10 more branches
As a Qudos Bank customer, you'll benefit from expanded in-person services, with access to 15 shared branches across NSW, VIC, QLD and the ACT. Each branch will be equipped with customer service support for customers of both banks.
You can find further branch details and services on Our Branches webpage.
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.
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.
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.
If members have any further questions regarding the resolution they can contact us at member_relations@qudosbank.com.au.
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.
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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.
The Merged Bank will remain 100% customer-owned with balanced representation from both banks across both the Board and executive level with head offices in both Collingwood (VIC) and Mascot (NSW).
Damien Walsh (Bank Australia) will become Chief Executive Officer and Managing Director. The current Chair of Qudos Bank, Jennifer Dalitz, will be Chair of the Board of the Merged Bank.
An executive designate team for the merged bank has been appointed with representatives from Bank Australia and Qudos Bank in line with our merger of equals approach. You can find more detailed information in the Member Information Booklet available on our website.
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.
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.
We're pleased to say our employees including the contact centre and lending teams will remain 100% Australian based. 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. This an exciting time for employees of both banks as the merger creates more opportunities for our people to develop their skills and grow their careers.
As part of our merger, customers of both Qudos Bank and Bank Australia will benefit from expanded in-person services, with access to 15 shared branches across New South Wales, Victoria, Queensland, and the ACT. You will be able to visit any branch—regardless of the brand—for help with general banking enquiries and basic transactions.
Each branch will be equipped with:
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.
Customers will have fee-free access to all four Qudos Bank and Bank Australia branded ATMs.
Customers can also still enjoy free access to the fee-free network 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.
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.
Customers can also continue getting cash out when making a purchase via EFTPOS at selected retailers.
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.
