Bank Australia and Qudos Bank have officially merged, creating one of the country’s largest customer-owned banking institutions with around 300,000 members.
The merger, which was first announced in April before becoming effective today, transfers Qudos Bank’s business to Bank Australia while retaining both brand identities.
Customers can expect immediate benefits, including reduced fees, a broader range of products and services, an expanded branch network, and increased investment in digital banking platforms.
The merged entity has total total assets of $18 billion and nearly 900 employees, all based in Australia.
“We’re excited to launch this new chapter together today,” said Qudos Bank chair Jennifer Dalitz (pictured, above). “The successful merger of Bank Australia and Qudos Bank is a testament to the shared values and commitment of both institutions to customer-owned banking.
“I’m proud to lead a board that reflects equal representation from both banks, ensuring a balanced and inclusive approach to governance."
Damien Walsh, chief executive of Bank Australia, said: “Today is a significant milestone in our journey. The merger of Bank Australia and Qudos Bank brings together two banks with a shared commitment to customer ownership, and positive social and environmental impact."
Bank Australia is a certified B Corporation and has pledged to achieve net-zero emissions by 2035.
Walsh said the bank’s focus “remains on delivering exceptional value for our customers and keeping them at the centre of what we do”.
The successful merger was overwhelmingly endorsed by members of both banks, with each institution exceeding the 75% approval threshold required for the combination.
