Bendigo and Adelaide Bank – RACQ Bank

Bendigo and Adelaide Bank Limited (Bendigo and Adelaide Bank) and Members Banking Group Limited trading as RACQ Bank (RACQ Bank) have entered into an agreement for Bendigo and Adelaide Bank to acquire RACQ Bank’s retail loan and deposit books by way of an asset sale (the Acquisition).

Bendigo and Adelaide Bank is an Australian, ASX-listed (ASX:BEN) authorised deposit-taking institution (ADI) headquartered in Bendigo, Victoria. Established in 1858, Bendigo and Adelaide Bank provides retail banking services to over 2.9m customers through 416 branches across Australia, and has over $73bn of customer deposits and over $84bn of total lending. Bendigo and Adelaide Bank’s customer-facing banking business is split into a consumer division and a business and agribusiness division.

RACQ Bank is an ADI and wholly-owned indirect subsidiary of The Royal Automobile Club of Queensland Limited (RACQ). RACQ Bank provides retail loan and deposit banking services, including personal, home and business loans, transactions accounts, savings accounts and term deposits to approximately 90,000 customers. At 30 June 2025, RACQ Bank’s retail business comprised A$2.7bn of retail loans and A$2.5bn of retail deposits.

Upon completion, RACQ Bank customers will be migrated to Bendigo and Adelaide Bank, and RACQ will refer its members to Bendigo and Adelaide Bank for certain banking products under a separate referral arrangement. The referral arrangement will not commence until post-completion.