Combined assets under management will total $17.5bn
The members of customer-owned banks Bank Australia and Qudos Bank have overwhelmingly voted in favour of merging the two businesses.
A special general meeting of Bank Australia members held on Wednesday garnered a 91% vote in favour of the merger. Qudos Bank members had previously voted 78% in favour, therefore exceeding the 75% threshold.
First announced in February 2024, the combined group will hold around $17.5bn in assets under management, with 300,000 customers on the books and around 900 employees.
“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,” Bank Australia’s managing director Damien Walsh (pictured) said today.
“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.”
Qudos Bank’s chief executive Brendan Wright added: “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.”
The merger is expected to go ahead on 1 July.
