Still growing above system, Qudos Bank is on track for its merger with Bank Australia, scheduled for 1 July 2025.

The Qudos member vote on this merger proposal is now open, following approval for the merger late last week from APRA and the Treasurer. The vote by Bank Australia members also opens this week.

Bank Australia and Qudos Bank announced plans for this merger in February last year.

“Getting the green light from APRA means we can progress with our plans to create one of the largest customer-owned banks in the country, supporting 300,000 members with total assets of over $17.5 billion” Brendan Wright, Qudos Bank’s CEO said.

 “Our aim is to deliver greater value to members today and into the future by taking a ‘best of both banks’ approach to the merger. This approach will provide immediate benefits to members via lower fees and charges on a range of products and services and an expanded branch network.”

Wright joined Qudos only 19 months ago with a mandate to “run the bank, grow the bank and work on the merger strategy.”

The board, Wright said, “had a merger strategy before I got the job” though whether each bank was the other bank’s primary target around this time is unclear.

In partnering with Bank Australia, Qudos is aligning itself with a bank with one of the clearest – and most successful – strategies in the mutual banking sector.

Bank Australia also has the takeover of Australian Unity Bank in the works, a transaction expected to close around November.

Australian Unity Bank adds around 25,000 customers and $1.5 billion in footings to Bank Australia.

Brendan Wright said he plans to move on following the merger in July, and will look for another role then.