APRA consents Members Banking sale to Bendigo and Adelaide Bank

The Australian Prudential Regulation Authority (APRA), acting through a delegate of the Treasurer, has formally consented to Members Banking Group Limited selling or disposing of its business to Bendigo and Adelaide Bank Limited. The consent, issued under subsection 63(1) of the Banking Act 1959, was published in the Government Notices Gazette on 8 September 2026 as instrument C2026G00596.

The instrument, dated 7 September 2026, was signed by Shieh Ling Wong, General Manager of the General Insurance and Banking Division at APRA, in her capacity as a delegate of the Treasurer. It records that the national interest was taken into account before the consent was granted.

The consent and the parties

The consent authorises Members Banking Group Limited (ABN 83 087 651 054), described as an ADI that is not a foreign ADI, to enter into an arrangement or agreement for the sale or disposal of its business, by amalgamation or otherwise, to Bendigo and Adelaide Bank Limited (ABN 11 068 049 178). The transfer is structured as a voluntary partial transfer of business under the Financial Sector (Transfer and Restructure) Act 1999.

• Selling ADI: Members Banking Group Limited, ABN 83 087 651 054
• Acquiring ADI: Bendigo and Adelaide Bank Limited, ABN 11 068 049 178
• Legal basis: subsection 63(1) of the Banking Act 1959
• Transfer mechanism: voluntary partial transfer under the Financial Sector (Transfer and Restructure) Act 1999

Regulatory framework

Under the Banking Act 1959, an authorised deposit-taking institution (ADI) may not sell or dispose of its business without the consent of the Treasurer or the Treasurer’s delegate. The instrument notes that the Treasurer, or the delegate, is required to publish the consent in the Gazette, which is why the decision appears in the official record.

The document also defines the key terms used, confirming that APRA means the Australian Prudential Regulation Authority and that “foreign ADI” carries the meaning given in subsection 5(1) of the Act.

Impact on customers and the sector

The consolidation brings the business of Members Banking Group, a mutual-banking institution, under the ownership of Bendigo and Adelaide Bank, one of Australia’s larger regional banking groups. For the ADI’s customers, the transfer means their accounts and banking relationships will move to the acquiring bank, subject to the terms of the approved arrangement.

The decision is significant for the mutual-banking sector, which has seen a wave of consolidation as smaller institutions seek scale and efficiency. By consenting to the transfer, the regulator has cleared the way for the transaction to proceed under the statutory framework designed to protect depositors and maintain the stability of the banking system.

Source: Commonwealth of Australia Gazette (Government Notices), 8 September 2026, section I (official reference: C2026G00596).