Bank Australia is a new name but not a new bank. Its history dates back to 1957 and since formation has undergone some 60 mergers. Bank Australia was the first customer owned bank. Assets of circa $3.6bn. They grew their loan book 10% in the last financial year placing it in the top 3 for growth in the sector. Bank Australia has an investment grade credit rating of BBB+/stable/A-2 , issued by Standard and Poors.