Extraordinary. The merger implementation booklet for the proposed merger of Bank Australia with Qudos Bank reveals a perplexing revision of Bank Australia’s Aspiration and Vision.
From: To be Australia’s most trusted bank and leading purpose-driven business.
To: To leverage our position as Australia’s leading purpose-driven bank and champion banking as a force for good.
This is being interpreted by some in the sector as a conscious decision by the board of Bank Australia to walk back its vision of being ‘Australia’s most trusted bank’.
Voting is now open for members of both Bank Australia and Qudos Bank over the proposed merger, certain to be decisively in favour, in which case the merger would proceed from July 2025.
Separately, Bank Australia expects to take over the business of Australian Unity from November.
The first merger will create a bank with 300,000 members with total assets of over $17.5 billion, while the addition of AUB brings another $1.4 billion in assets to Bank Australia.