RACQ announces sale of retail lending and deposit business to Bendigo Bank
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.
Related topics
Things to note
The information in this article has been prepared for general information purposes only and is not intended as legal advice or specific advice to any particular person. Any advice contained in the document is general advice, not intended as legal advice or professional advice and does not take into account any person’s particular circumstances. Before acting on anything based on this advice you should consider its appropriateness to you, having regard to your objectives and needs.
Insurance Products (excluding Travel Insurance) are issued by RACQ Insurance Limited ABN 50 009 704 152 (RACQI) and arranged by its agent, RACQ Distribution Services Pty Ltd (RDS) ABN 35 116 361 650, AFSL 567130 and RDS' authorised representatives (including RACQ Operations Pty Ltd ABN 80 009 663 414, AR No. 234978 (RACQO). Conditions, limits and exclusions apply. RDS and RACQO are in the RACQ group of companies. One of the companies in the RACQ group of companies has a minority shareholding in RACQI.
RDS and RACQO have not taken your personal objectives, circumstances or needs into account when preparing advice regarding insurance products and you will need to consider whether the advice is appropriate for you. Read the Product Disclosure Statement (PDS) and any applicable Supplementary PDS before making a purchase decision on this product. You can also access our Target Market Determinations on this website. RDS receives a commission from RACQI for the policies it arranges. RACQO receives fees paid for services it provides to RDS. Further details about remuneration are available on request prior to purchasing.
Banking and loan products issued by Members Banking Group Limited ABN 83 087 651 054 AFSL/Australian credit licence 241195 trading as RACQ Bank. Terms, conditions, fees, charges and lending policies apply. This is general advice only and may not be right for you. This information does not take your personal objectives, circumstances or needs into account. Read the disclosure documents for your selected product or service, including the Financial Services Guide and the Terms and Conditions, and consider if appropriate for you before deciding.
Except for RACQ Bank, any RACQ entity referred to on this page is not an authorised deposit-taking institution for the purposes of the Banking Act 1959 (Cth). That entity’s obligations do not represent deposits or other liabilities of RACQ Bank. RACQ Bank does not guarantee or otherwise provide assurance in respect of the obligations of that entity, unless noted otherwise.
RACQ Bank subscribes to the Customer Owned Banking Code of Practice which establishes higher standards than the law requires. The Code reflects modern consumer expectations and developments in approaches to issues such as consumer vulnerability, guarantors, and supporting customers through financial hardship. Please read our Customer Owned Banking Code of Practice page for more information.
RACQ Operations Pty Ltd (ABN 80 009 663 414 AR 000234978) and Members Travel Group Pty Ltd (ABN 45 144 538 803 AR 000432492) are acting as an Authorised Representative of the issuer of the insurance, Tokio Marine & Nichido Fire Insurance Co., Ltd. (ABN 80 000 438 291 AFSL 246 548). Any advice set out above is general in nature only, and does not take into account your objectives, financial situation or needs. Before purchasing any travel products, please consider the RACQ Travel Insurance Product Disclosure Statement (PDS) and the Target Market Determinations (TMDs) that apply to these products. Whilst the PDS outlines the Terms and Conditions of these products, the TMDs outline the intended class of customers that comprise the target market for these travel products. This will allow you to consider which products best suit your objectives, financial situation and needs and consider the products appropriateness to your personal circumstances. TMDs also outline matters involving the distribution and the review of these products. The PDS, Supplementary PDS and TMDs for each travel product can be found here.