Home / Business and Economy / Bendigo Bank Buys RACQ Retail Lending
Bendigo Bank Buys RACQ Retail Lending
5 Dec
Summary
- Bendigo Bank to acquire RACQ's retail lending and deposit business.
- Over 90,000 RACQ Bank customers will transfer pending approval.
- Deal increases Bendigo's Queensland lending share to 18%.
Australian financial institution Bendigo Bank has announced an agreement to acquire the retail lending and deposit business of RACQ Bank. This significant transaction will see more than 90,000 RACQ Bank customers transition to Bendigo Bank, subject to regulatory approval.
The acquisition is poised to strengthen Bendigo Bank's footprint, particularly in Queensland, where it will increase its residential lending market share from 15% to 18%. RACQ Bank members will benefit from access to Bendigo Bank's comprehensive suite of financial products, including savings accounts, home loans, and credit cards.
The integration process is anticipated to conclude in the second half of 2026, with a referral arrangement for savings, deposits, and home loans also established post-completion. RACQ's decision to divest was driven by the need for substantial investment in digital banking and regulatory compliance, areas where Bendigo Bank possesses greater capabilities.
