ME Bank

Office address: Level 28, 360 Elizabeth Street, Melbourne, VIC 3000
Year established: 1994
Company type: banking
Employees: 1,800
Expertise: banking, finance, and lending
Parent company: Bank of Queensland
CEO and key people: Patrick Allaway, Managing Director and CEO
Financing status: -

ME Bank has established itself as a digital bank, aiming to provide competitive rates and an array of banking solutions with a focus on the customer experience. It emerged as an alternative to the traditional big four banks, with a mission to assist Australians in achieving their dream of homeownership. To date, it has helped over 300,000 individuals own their dream home.

History of ME Bank

Founded in 1994, ME Bank set out with a singular vision: to help everyday Australians own their home. Since its inception, the bank has grown substantially, now offering a comprehensive suite of banking products while staying true to its roots of promoting homeownership. Over the years, ME Bank has made significant strides, supporting over 300,000 Australians on their path to owning a home.

A turning point in ME Bank's history came in 2021 when it was acquired by the Bank of Queensland (BOQ). BOQ made an all-cash offer of $1.325 billion, 1.15 times ME Bank’s net tangible assets.

Products and Services of ME Bank

ME Bank's product lineup is diverse, catering to various financial needs. Some of these products and services are:

  • home loans: tailored options for first home buyers, refinancers, and investors, aiming to make the home loan process straightforward
  • savings accounts: a variety of accounts available, whether for everyday spending, saving for a home, or building a savings account
  • term deposits: offering competitive rates for those looking to save – no set up fees, no account-keeping fees

Focusing on home loans, ME Bank provides a spectrum of options to support owner-occupiers, investors, and those looking for flexible terms. The bank's home loans are competitive, with a variety of rate types including variable and fixed options across different terms.  

Culture at ME Bank

ME Bank prioritises a digital-first approach, ensuring accessibility and convenience for its customers. With its Australian-based call centre, ME Bank emphasises quality service and supports local talent, even in its choice of hold music. The institution's culture is grounded in doing good, supporting various causes like the National Breast Cancer Foundation and the Melbourne Queer Film Festival, showcasing its commitment to broader societal contributions beyond banking.

About ME Bank Managing Director and CEO Patrick Allaway

Patrick Allaway was appointed Managing Director and Chief Executive Officer of ME Bank in March 2023, initially for a term extending to December 2024, after serving as Executive Chair. His role was confirmed as permanent on 14 August 2023.

With a career that spans over 30 years in financial services, including significant roles at Citibank and Swiss Bank Corporation (now UBS) across global financial centres, Allaway brings a deep understanding of financial markets, institutional banking, and corporate advisory. His leadership is marked by extensive experience in leading global teams and transforming businesses, underscored by a commitment to serving corporate and institutional clients worldwide.

The Future at ME Bank

ME Bank continues to evolve to meet the changing needs of Australians. By leveraging technology and maintaining a strong focus on customer satisfaction, ME Bank aims to expand its services and reach. The integration with BOQ marks a significant step towards this future, promising enhanced services and greater value for customers.

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