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Bank Australia and Qudos Bank have received the green light from members following a vote to determine the outcome of the merger.
Numbers exceeded the 75 per cent ‘yes’ vote requirement. Now, the lenders need regulatory approval from the Australian Prudential Regulation Authority (APRA), with a date set for the merged entity, commencing 1 July 2025.
“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,” said Bank Australia managing director Damien Walsh.
“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 one 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.”
The merger will create a combined asset total of $17.5 billion. It will serve 300,000 employees and employ 900 workers.
Qudos Bank CEO 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.”
Speaking previously to Broker Daily on the merger, Wight said brokers would be “critical” in the transition.
“[We’ve been] helping [brokers] understand what’s in it for them and what it means for them in using our products and continue to use our products and services into the future,” Wright said.
“They’ve been critical and they’ve been engaged and supportive of where we’re heading, because what it means is continued competitive products for them to deliver to their customers.”
[Related: Brokers ‘critical’ in the Bank Australia-Qudos Bank merger]
