Creating Australia’s leading purpose driven bank with Bank Australia

We announced in early February that we would be exploring a potential merger with Bank Australia. Since that update, we have commenced a thorough due diligence process into the merger and continue to engage our Qudos Bank team about the potential merger, and outline the roadmap to explore the opportunity further and the key steps involved.

A potential merger between two leading purpose driven banks is an exciting prospect for our team and members, and creates the opportunity to become one of Australia’s largest customer-owned banks.

In this update, I will share some of the future benefits of the merger for our members and highlight some notable achievements we have achieved in the last quarter.

What a potential merger with Bank Australia means for the future

The potential merger with Bank Australia is an exciting prospect and key opportunity that supports our enduring goal of being a purpose driven bank. The Boards of both Qudos Bank and Bank Australia have identified a strong alignment in the culture and values of both organisations, as well as a deep commitment to serve our members and ensure that their best interests are aligned with the core operations of both banks.

A merged entity will benefit our members via increased scale and greater ability to invest in enhanced products, services, and digital banking technology.

The potential merger of Qudos Bank and Bank Australia will deliver substantial benefits for our members in the future, including areas such as:

  • Increased scale and investment to enhance customer experience via an increased footprint of support services for members with teams across Sydney, Melbourne, Brisbane, Canberra, and the Latrobe Valley in Victoria.
  • Access to a wider range of products and services to help members support their financial goals.
  • Enhanced digital experience and increased scale and investment in continuing advances in cybersecurity and fraud/scam prevention.
  • No branch closures will occur as a result of the merger.
  • The merged entity to be employer of choice for circa 900 people across Australia, creating wider career opportunities for our employees.
  • Increased investment towards community, social and environmental initiatives as a leading purpose driven bank.

As a member of a customer-owned bank, your opinion matters, and you will have a say on the merger via a member vote that will be held in late 2024 or early 2025. In the meantime, we will keep you informed on progress and provide you with all the information needed to help you make an informed decision on the merger.

Our award winning products and services

We have had a fantastic quarter where Qudos Bank has been recognised for our products and customer satisfaction via a range of public awards.

  • 2024 Mozo Experts Choice Award for Home Loans
    • Fixed Rate Home Loan
  • 2024 Mozo Experts Choice Awards - Savings and Transactions
    • SMSF High Interest Savings - DIY Super Saver
  • Canstar - Outstanding Value - Home Lender and Fixed Home Lender - 2024
    • Fixed Rate Home Loan
  • Finder Home Loan Awards 2024
    • Owner Occupier Home Loan 2 Year Fixed - Fixed Rate
    • Owner Occupier Home Loan 3 Year Fixed - Fixed Rate
  • RateCity Gold Awards 2024
    • Best refinance home loan
    • Best home loans over $1M
    • Best offset home loan
      • No Frills Home Loan
      • Low-Cost Home Loan (Value Package)
  • 2024 Award - highlighting products and services that have been highly rated by the ProductReview community.

These awards not only highlight the value of our products and services but also reflect the support we receive from you, our members. I would also like to extend my thanks to our people who continue to work tirelessly to support our members by providing exceptional service and help Qudos Bank grow and thrive.

More myQ May/June

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