Readers ask: Who Is Me Bank Owned By?

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 guaranteed 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 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.

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.

WHO IS ME Bank merging with?

Treasurer Josh Frydenberg has approved Bank of Queensland’s $1.33 billion takeover of ME Bank amid what analysts say is a revival in regional bank fortunes.

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Is Bank Australia backed by the Government?

Deposits with Bank Australia are protected under the Australian Government’s Financial Claims Scheme (FCS). What is the Financial Claims Scheme (the deposit guarantee)?

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 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 UBank part of NAB?

UBank is an Australian direct bank, that operates as a division of National Australia Bank (NAB). It was established in 2008, and provides savings products and home loans over the Internet and telephone.

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.

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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.

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