More than 29,000 customers will now join Bank Australia, following the formal completion of its second bank acquisition this year.
Bank Australia has completed its acquisition of Australian Unity Bank and will today (24 November) welcome 29,000 new customers to its fold, taking Bank Australia’s customer base to more than 320,000 people.
First announced in November 2024, Bank Australia sought to acquire the banking business of insurance mutual Australian Unity to help it scale into the future and build the bank’s presence.
The combined entity now has nearly $17.5 billion in assets and almost 900 employees.
The Australian Unity Bank customers can now access Bank Australia’s network of 15 branches across NSW, Victoria, Queensland, and the ACT and greater digital offerings, such as the Bank Australia app.
All accounts, including home loans, will now become Bank Australia accounts.
Interest rate and benefits such as discounts and fee waivers will automatically migrate to a Bank Australia loan, and automated repayments will continue to work after the transition to Bank Australia.
While home loan terms and conditions will be maintained at transition, Bank Australia fees and charges will apply.
Bank Australia said it would continue to work closely with its new customers to ensure a smooth transition and support their banking needs.
Damien Walsh, Bank Australia managing director, said this acquisition represents a significant milestone in the bank’s strategy to grow its impact and deliver long-term value to customers.
“We’re excited to welcome Australian Unity’s banking customers to Bank Australia,” he said.
“This acquisition is about creating the scale and capability to deliver an even greater customer experience for our customers into the future.
“We’re excited to offer former Australian Unity Bank customers access to our full range of banking products and services, and to continue building a bank that puts customers first.”
Australian Unity CEO and group managing director, Rohan Mead, said the transition reflects Australian Unity’s long-standing focus on supporting the wellbeing of Australians.
“Bank Australia’s values and customer-owned model align closely with our own, and we’re confident this move will deliver strong outcomes for our banking members,” Mead said.
“We thank our members for their loyalty and trust, and we’re pleased to see them join a bank that shares our commitment to member ownership and mutual values.”
The Australian Unity Bank acquisition is the second Bank Australia acquisition to complete this year.
It acquired Qudos Bank in July, bringing together 300,000 customers and forming a banking group with $18 billion in total assets and nearly 900 employees.
The mutual banking space has seen a wave of mergers and acquisitions in the past year.
Last week, Summerland Bank and Regional Australia Bank revealed they will proceed with their merger, after members of both customer-owned banks voted in favour at their respective AGMs.
In August, Beyond Bank Australia revealed it was exploring a potential merger with Family First Credit Union (trading as Family First Bank).
If successful, the move would extend Beyond Bank’s presence in regional NSW, expanding its footprint into areas including the Blue Mountains, Lithgow, Bathurst, Blackheath, and Mudgee.
And Auswide Bank also became a wholly owned subsidiary of MyState Limited, while G&C Mutual Bank and Unity Bank finalised their merger to form Unity Bank Limited, effective July 2025.
[Related: Summerland Bank and Regional Australia Bank members approve merger]
