The sale will see RACQ Bank members benefit from being part of a larger bank with enhanced investment in face-to-face and digital banking services, as well as having deep roots in their local communities.
RACQ Managing Director and Group CEO David Carter said the sale is the right outcome for RACQ’s banking members given the scale, technology and investment capabilities that Bendigo Bank has to deliver leading banking solutions and improved digital experiences.
“Like RACQ, Bendigo Bank is one of Australia’s most trusted brands and shares our deep commitment to supporting its communities right across Australia,” Mr Carter said.
“Bendigo Bank is also an industry leader in providing innovative banking solutions including the unique Community Bank model and Australia’s first and best digital bank, Up.
“While RACQ Bank has achieved quality growth since its inception in 2016, for us to deliver the best banking experience for our members, significant ongoing investment is needed to meet the growing demand for digital banking, maintain a competitive position and meet regulatory requirements.
“We concluded that it was in the interests of our members to find a better banking solution to meet their needs over the longer term.
“Bendigo Bank has invested strongly in enhancing its products and services while improving its technology to meet the increasing demand for online banking and digital services.”
Bendigo Bank’s CEO and Managing Director Richard Fennell highlighted the strong alignment of values between the two organisations ahead of welcoming RACQ Bank members from the second half of calendar 2026.
“RACQ Bank’s strong member focus complements Bendigo Bank’s longstanding purpose to feed into the prosperity of its customers and the community. We look forward to RACQ Bank members joining our Bank and enjoying the same personalised service and quality products as our 2.9 million customers.”
Benefits for members
Mr Carter said on completion of the transaction, RACQ Bank members will access Bendigo Bank’s broad range of savings and transaction accounts, credit cards, home loans, and personal lending solutions.
“Bendigo Bank also has a large physical footprint with more than 70 branches across Queensland, a network of mobile lenders and virtual servicing capabilities, ensuring our members can continue to bank in a way that suits them.”
Mr Carter said there will be a seamless transfer for RACQ Bank members to Bendigo Bank.
“Bendigo Bank and RACQ are equally committed to ensuring a smooth transition and we will communicate directly with RACQ Bank members through this process.
“All bank members are also guaranteed to keep their membership with RACQ for 12 months post completion.
“In the meantime, it’s business as usual for RACQ Bank as we continue to focus on supporting our members. This includes opening new bank accounts and helping members with new lending.”
Delivering on our vision
RACQ President and Chair Leona Murphy said the sale is another important step to help the organisation deliver on its purpose, to drive a positive future for all Queenslanders.
“This transaction, together with RACQ’s strategic partnership with leading insurer IAG, enables the Club to simplify its business operations and invest in its 2032 strategy which is focused on helping Queenslanders to move and live safely, securely and sustainably.
“We’re undergoing a technology transformation, investing in a modern, secure, AI-enabled platform to deliver more personalised member experiences.
“At the same time, we’re exploring new products and services for our members, focused on scaling our solar and battery business, expanding our mobility and automotive services and growing our presence in travel.
“In addition, we’re scaling the work we do in our communities through a new dedicated fund to the value of at least $100 million.
“The focus will be to help address some of the biggest challenges facing our state with road safety front and centre, as well as the transition to electrification and building resilience in our communities through volunteering,” she said.
The sale is subject to regulatory approval.
Transaction details
- The final sale price will be based on the assets and liabilities of RACQ’s retail lending and deposit business at the point of completion.
- RACQ Bank will continue trading under its existing brand until the transaction is complete.
- Upon completion of the transaction, RACQ and Bendigo Bank will enter into referral arrangements for deposits, savings and home loans.
About Bendigo Bank
Bendigo Bank is Australia’s better big bank with 7,000 dedicated staff at over 400 locations helping 2.9 million customers to achieve their financial goals. Bendigo Bank’s purpose is to feed into the prosperity of its customers and communities.
Media Enquiries: Manager Strategic Communications, Ashleigh Paterson 0401 051 761
