Qudos Bank

Qudos Bank (a trading name of Qudos Mutual Limited) is an Australian mutual bank providing a variety of financial services including home loans, personal loans, car loans, credit cards, savings, financial planning assistance and foreign exchange products and services to their members.

Qudos Mutual Limited
Qudos Bank
Formerly
  • Qantas Credit Union
Credit union
Customer-owned financial institution
Founded1 November 1959 (1959-11-01) in Sydney[1]
HeadquartersMascot,
Sydney
,
Australia
Key people
  • Scott King (CEO)
  • Mark Boesen (Chairman)
$AU 14.22 million (2016[2])
Total assets3.35 billion (2016)[3]
Members100,000 (2016[4])
Websitequdosbank.com.au

Qudos Bank is an unlisted public company, owned by its members and their elected 10 board members. It operates 11 branches across Australia.

History

Early history

A group of 14 Sydney based Qantas employees met on 19 August 1959 and resolved to lodge an application to register the Qantas Staff Co-operative Credit Union Limited. The organisation received its registration on 10 September 1959 and began operating on 1 November of the same year.[5]

Membership was originally restricted to Qantas employees based in Sydney, although by 1964 employees of British Airways and Air New Zealand were permitted to join. The Credit Union claimed in 1963 that 20% of Australian-based Qantas staff were members, with this claim increasing to 50% by 1969 and 90% by 1980.[5]

In 1970 the word co-operative was removed from the organisation's name.[5]

Present era

Qantas Credit Union

The Credit Union started to broaden its reach in 1996 when it commenced lending to non-Qantas employees. By 2011 the constitution posted on the organisation's website allowed existing members to nominate new members rather than membership eligibility depending on employment or family connections. As staff are members under the constitution, they were able to nominate new members, thereby allowing anyone to join the credit union.[6]

On 31 October 2012 the Qantas Staff Credit Union registered the business name Qantas Credit Union[7] and from late 2012 it traded as the Qantas Credit Union, with the re-branding completed in 2013.

By 2014 the organisation had grown to 90,000 members, although by then, two-thirds of members were not employed by Qantas.[8]

Qudos Bank

The matter of changing the organisation's name to include the term bank was first mentioned in the 2015 annual report with chairman Mark Boesen stating that the board believed a change was necessary because of confusion around membership eligibility due to the association with Qantas Airways and the use of the term credit union limiting the organisation's growth.[9] During the transition to Qudos Bank, the organisation stated that Qantas requested the organisation cease using the Qantas name and branding similar with or associated with Qantas.[10]

At its 56th annual general meeting, members voted in favour to change its legal name to ‘Qudos Mutual Limited’ enabling it to apply to the Australian Prudential and Regulation Authority for consent to trade as ‘Qudos Bank’. 79.98% of the members voted yes (75% was needed for the vote to pass).[11]

On 4 April 2016, Qudos Bank was created, with the name a twist on the word kudos. The organisation as part of the name change also adopted the new slogan 'so unbank like'.[12]

Corporate affairs

Promotional activities

At the beginning of 2014 the organisation purchased the naming rights to the Sydney Entertainment Centre, with the venue becoming known as the Qantas Credit Union Arena.[13] The venue was originally intended to be demolished at the end of 2013[14] although the naming rights deal saw the venue remain open until December 2015.[15]

In April 2016 Qudos Bank secured a multi-year naming rights deal for the Sydney Super Dome, most recently also known as the Allphones Arena.[16]

Products and services

Qudos Bank provides a variety of financial banking products and services including most major types of loans, credit cards, and several types of savings accounts, as well as financial planning, general insurance, and foreign currency.

Awards
  • Canstar Outstanding Value for Step Ahead Home Loan
  • 2008–2009 Money Magazine Award for Service above the Banks
  • 2011 Mozo People's Choice Awards 3rd in Best Credit Union Award category
  • 2013 Money Magazine's Best Short Term deposit Award Non-Bank
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See also

References
  1. "Our History". Qudos Bank. Retrieved 26 March 2017.
  2. "Annual Report 2016" (PDF). Qudos Bank. p. 12. Retrieved 26 March 2017.
  3. "Annual Report 2016" (PDF). Qudos Bank. p. 5. Retrieved 26 March 2017.
  4. "Annual Report 2016" (PDF). Qudos Bank. p. 4. Retrieved 26 March 2017.
  5. "Our History". Qudos Bank. Retrieved 26 March 2017.
  6. "Constitution of Qantas Staff Credit Union Limited" (PDF). Archived from the original on 24 April 2013. Retrieved 26 March 2017.CS1 maint: BOT: original-url status unknown (link)
  7. "Qantas Credit Union". ASIC Connect. Retrieved 26 March 2017.
  8. "Scott King of Qantas Credit Union looks to land more fish". The Weekend Australian. Retrieved 26 March 2017.
  9. "Annual Report 2015" (PDF). Qantas Credit Union. pp. 4–5. Archived from the original on 6 March 2016. Retrieved 26 March 2017.CS1 maint: BOT: original-url status unknown (link)
  10. "Our new Journey Begins". Qantas Credit Union. Archived from the original on 11 March 2016. Retrieved 26 March 2017.CS1 maint: BOT: original-url status unknown (link)
  11. "QNews February 2016" (PDF). Qantas Credit Union. Archived from the original on 14 March 2016. Retrieved 26 March 2017.CS1 maint: BOT: original-url status unknown (link)
  12. "Media Release: The Oldest New Bank on the Block" (PDF). Qudos Bank. 4 April 2016. Retrieved 26 March 2017.
  13. "Sydney Entertainment Centre rebadges as 'Qantas Credit Union Arena' – Mumbrella". Mumbrella. 20 January 2014. Retrieved 26 March 2017.
  14. McCabe, Kathy (18 January 2014). "Sydney Entertainment Centre given two-year lifeline and is now the Qantas Credit Union Arena". The Daily Telegraph. Retrieved 26 March 2017.
  15. "Cold Chisel To Headline Qantas Credit Union Arena Closing Weekend". theMusic. Retrieved 26 March 2017.
  16. "Allphones Arena Name Change to: Qudos Bank Arena". Medianet. Retrieved 26 March 2017.
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