Bank Australia

Office address: 54 Wellington St, Collingwood, Victoria 3066
Year established: 1957
Company type: banking
Employees: 591
Expertise: banking, responsible investment, and general insurance
Parent company: N/A
CEO and key people: Damien Walsh, Managing Director
Financing status:

Bank Australia is recognised for its commitment to ethical banking and sustainability. As Australia's first customer-owned bank, it has set a precedent for responsible banking practices, emphasizing customer benefits and environmental stewardship over shareholder profits.

History of Bank Australia

Bank Australia was born in 1957 as the CSIRO Co-operative Credit Society. It merged with 71 other credit unions and co-operatives to become Australia's first customer-owned bank in 2011. Four years later, it adopted the name Bank Australia.

Bank Australia is a B Corp bank, having met ethical and environmental benchmarks in the industry. The organisation runs on 100% renewable energy with the goal of going net zero by 2035. The bank does not invest in fossil fuels, tobacco, weapons, or gambling.

Bank Australia and Qudos Bank are in talks for a possible merger. If this pushes through, the union will be finalised by way of a member vote in 2024/2025.

Products and Services of Bank Australia

Bank Australia offers a comprehensive suite of financial products and services, designed to meet the diverse needs of its customers. In the mortgage sector, the bank's offerings include:

  • home loans: ethical home loans that support property decisions aligned with environmental sustainability
  • business banking: solutions including transaction and savings accounts, commercial loans, and business credit cards, all underpinned by the bank's ethical banking philosophy
  • insurance: a range of insurance options for home, rental, car, and more, in partnership with Allianz

The bank's product portfolio extends beyond mortgages to include everyday accounts, savings accounts, term deposits, personal and car loans, credit cards, and insurance services. All these are designed with a focus on sustainability and ethical practices.

Culture at Bank Australia

Bank Australia's culture is deeply rooted in its customer-owned model, which ensures that every customer has a say in the bank's operations. This democratic approach fosters a sense of ownership and community among customers and staff, driving the bank's commitment to making a positive difference in the world.

The bank's no executive bonuses policy ensures that profits are reinvested into providing competitive rates, fair fees, and quality products and services.  

About Bank Australia Managing Director Damien Walsh

Damien Walsh joined Bank Australia as Managing Director in 2011, bringing over 30 years of experience in the mutual banking sector to the role. Walsh leads on:

  • setting the strategy for the bank
  • setting sustainability targets
  • delivering on the goal to balance purpose and profit

Walsh is also a Director at the Global Alliance for Banking on Values and a council member of the Australian Bankers’ Association.  

The Future at Bank Australia

Bank Australia's profile reflects its pioneering role in the Australian mortgage industry and broader financial sector. It is committed to ethical practices, customer ownership, and sustainability. The possible merger with Qudos could result in one of Australia’s biggest customer-owned banks, creating an opportunity for bigger impact in sustainable and ethical banking practices.

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