Often asked: Who Owns Me Bank Australia?

ME Bank

Type Subsidiary
Key people Adam Crane (CEO) Jim Evans (Chairman)
Total assets A$27.300 billion
Number of employees 1800
Parent Bank of Queensland

7

Is ME Bank backed by the government?

Your savings with ME are protected by a deposit guarantee from the Australian Government. This is further supported by ME’s strong financial position, corporate governance frameworks and our Bank of Queensland Group (BOQ) backing.

Is ME Bank owned by ANZ?

ME Bank is owned by a suite of larger industry super funds including HESTA, Cbus, Hostplus, Unisuper, AustralianSuper and smaller funds including NGS Super, TWU Super and First Super. BoQ, ME Bank, AustralianSuper and ANZ declined to comment.

Is ME Bank member owned?

ME was established by the Australian Council of Trade Unions in 1994 and started life as Super Member Home Loans. It changed its name to Members Equity Bank in 1999 before eventually shortening this to ME Bank in 2009, and has been fully owned by industry super funds since 2002.

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What super funds own ME Bank?

In 2021, ME became part of the Bank of Queensland Group (BOQ), giving ME a wider network and deeper resources to invest back into services, technology and products for our customers.

Is ME Bank Australian owned?

ME Bank, also known as ME, is an Australian direct bank based in Melbourne.

Who is ING owned by?

ING (the trading name of ING Bank (Australia) Limited) is the world’s leading savings bank and is wholly owned by ING Group.

Is ME Bank on the ASX?

Bank of Queensland Limited (ASX: BOQ) has finalised what its chair describes as a “defining moment” for the bank today, as Members Equity Bank (ME Bank) is welcomed into its faction.

Which is the best bank to bank with in Australia?

The top 10 banks in Australia are:

  • National Australian Bank (NAB)
  • Westpac Bank.
  • Bank of Queensland.
  • Macquarie Bank.
  • Bendigo Bank.
  • AMP Bank Ltd.
  • Suncorp Bank.
  • Bankwest.

Who owns firstbank?

As a mutual bank, Bank First is owned by its customers and not external shareholders. Each customer owns an equal share of the organisation, and profits are reinvested into the bank and its target communities, rather than external shareholders.

Did Bank of Queensland BUY ME Bank?

Managing Director and CEO Mr George Frazis said “Today is an exciting day for the BOQ Group and we are very pleased to welcome the ME Bank team to BOQ. The acquisition of ME Bank is strategically aligned and financially compelling.

Is Bank of Queensland buying ME Bank?

The Bank of Queensland (BoQ) announced on Monday it will purchase ME Bank, currently owned by Australian superannuation funds, for $1.325 billion. “This is a defining acquisition in our ongoing transformation of BOQ, benefiting our shareholders, customers, and people.

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Is ME Bank a mutual bank?

Members Equity (ME) Bank is a customer-owned mutual bank offering banking and portfolio management services and off-balance sheet funding. It employs around 890 people and has its head office in Melbourne. It is a not-for-profit, public, unlisted company owned by 30 Australian industry superannuation funds.

Is ME Bank any good?

ME is a good choice for fixed rate loans where they tend to have competitive rates, especially if you want to fix for 3 years. Unlike other lenders, they offer fixed rates of up to 7 years but terms over 5 years come at a premium. They don’t offer any specialty home loans.

Is ME Bank ethical?

Industry super-owned ME Bank has been sanctioned by the industry’s code of ethics watchdog for “serious and systemic” breaches of rules governing timely and clear communication and fair conduct over a redraw fiasco last year.

What did ME Bank do?

ME Bank, owned by 26 union-and-employer-backed industry superannuation funds, changed the rules on its redraw facility without warning borrowers. The facility allowed borrowers to partially dip into their home loan and withdraw money if they were ahead of their repayment schedule.

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