The profile is currenly unclaimed by the seller. All information is provided by CB Insights.

mebank.com.au

Founded Year

1994

Stage

Acquired | Acquired

Valuation

$0000 

About Members Equity Bank

Members Equity Bank provides an alternative to traditional banking while focusing on delivering superior customer experience.On February 22nd, 2021, Members Equity Bank was acquired by Bank of Queensland at a valuation of $1.05 billion.

Members Equity Bank Headquarter Location

Level 28 360 Elizabeth Street

Melbourne, Victoria, 3000,

Australia

+61 3 9708 4001

Predict your next investment

The CB Insights tech market intelligence platform analyzes millions of data points on venture capital, startups, patents , partnerships and news mentions to help you see tomorrow's opportunities, today.

Latest Members Equity Bank News

‘Board backs me’, BoQ’s Frazis says after admonishment

Apr 18, 2022

Brisbane-based BoQ’s statutory earnings for the six months to February rose 38 per cent to $212 million. But on a pro-forma basis, including the ME Bank buyout, those numbers fell 5 per cent. Advertisement One problem was overall customer satisfaction rankings tumbled, which BoQ blamed on an older, clunkier mobile-phone application for digital banking . That app has since been replaced. Another issue in the background was BoQ chairman Patrick Allaway , who while recently praising Mr Frazis, also took the rare step of publicly expressing concerns in a Chanticleer column last month. That included Mr Allaway saying he was “disappointed” the former head of business banking, Peter Sarantzouklis, was hired without Mr Frazis telling the chairman he was godfather to Mr Sarantzouklis’ child. The chairman also said there were “things that George can improve on, such as the perceived extravagance of expenses, particularly for offsite executive meetings”. Offsite meetings for the bank’s top levels had been held at venues such as the beachside Pacific Hotel in Sydney’s Manly. Improvements at the bank Speaking after the results, Mr Frazis declined several times to directly answer questions about his actions, instead pointing to improvements at BoQ. Advertisement “What you should look at is the facts. And, basically, our engagement’s improved, our culture scores have improved by 10 basis points … when you look at the numbers, where the facts are, it points to a culture that’s improving,” he said. He also maintained the “other thing is the board has really backed me and the management team, because we’ve increased investment in this business quite substantially – so last six months we’ve invested a bit over $150 million”. On a pro-forma basis, BoQ’s lending book rose from $74.23 billion to $78.95 billion. BoQ and subsidiary Virgin Money continued to gain housing market share – growing 1.8 times industry rates – and ME Bank’s home lending returned to net growth, Mr Frazis said. Barrenjoey analyst Jon Mott, in a note to clients, said while market share gains in mortgages, deposits and small-medium business loans were positives, BoQ’s “underlying revenue trends were weak”. He also wrote that BoQ’s net interest margins, measuring the profitability of sourcing funds and lending them to borrowers, remained “under significant pressure” with competition coming in term deposits and mortgages from brokers. BoQ margins were crunched to 1.74 per cent, down 12 basis points compared to six months earlier. Advertisement

Members Equity Bank Web Traffic

Rank
Page Views per User (PVPU)
Page Views per Million (PVPM)
Reach per Million (RPM)
CBI Logo

Members Equity Bank Rank

  • When was Members Equity Bank founded?

    Members Equity Bank was founded in 1994.

  • Where is Members Equity Bank's headquarters?

    Members Equity Bank's headquarters is located at Level 28, Melbourne.

  • What is Members Equity Bank's latest funding round?

    Members Equity Bank's latest funding round is Acquired.

  • Who are the investors of Members Equity Bank?

    Investors of Members Equity Bank include Bank of Queensland.

Discover the right solution for your team

The CB Insights tech market intelligence platform analyzes millions of data points on vendors, products, partnerships, and patents to help your team find their next technology solution.

Request a demo

CBI websites generally use certain cookies to enable better interactions with our sites and services. Use of these cookies, which may be stored on your device, permits us to improve and customize your experience. You can read more about your cookie choices at our privacy policy here. By continuing to use this site you are consenting to these choices.