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As we enter the financial year 2026, Qudos Bank and Bank Australia have officially initiated the merger, bringing around 300,000 customers under one roof.
Qudos Bank and Bank Australia will continue to offer independent products to market.
Late last year, then-Qudos Bank CEO Brendan Wright said each bank will retain its identity post-merger. However, a single merged entity is the goal.
In a statement, the newly merged customer-owned bank said its customers can expect reduced fees and an expanded branch network.
Damien Walsh, CEO and managing director, 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.
“We are excited to offer our members a broader range of products and services, enhanced digital capabilities, and an expanded branch network.”
The combined total assets of the two mutuals total around $18 billion, with almost 900 employees to keep operations running throughout the initial stages of the merger.
“Our focus remains on delivering exceptional value for our customers and keeping them at the centre of what we do. We’re committed to maintaining the high standards of customer service that both Bank Australia and Qudos Bank have been known for,” said Walsh.
Board chair Jennifer Dalitz said the merged entity is focused on making the transition progress as hassle-free for customers as it can.
“We’re excited to launch this new chapter together today. 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,” she said.
“I’m proud to lead a board that reflects equal representation from both banks, ensuring a balanced and inclusive approach to governance.
“This first year together is about bringing our two strong, customer-owned banks together in the right way. Our focus is on making the transition smooth for our customers, keeping what makes each bank special, and building a stronger, more sustainable bank for the future.”
The announcement that Qudos Bank and Bank Australia intended to merge came in February 2024.
What followed was a go-ahead from regulators and a positive reception from members, which allowed the banks to pursue the merger.
Wright said to Broker Daily earlier this year that brokers will be “critical” in the merger process, as early issues are expected, with members taking time to adjust.
[Related: Brokers ‘critical’ in the Bank Australia-Qudos Bank merger]
