Qudos Bank is an unlisted public company owned by its customers, and its board consists of seven directors, five of whom are member-elected and two of whom are board-appointed.

The organisation received its registration as a credit union on 10 September 1959 and began operating on 1 November of the same year.

[8] The idea of changing the name of the organisation to include the term bank was first mentioned in the 2015 annual report, with chairman Mark Boesen stating that the board believed a change was necessary because of confusion around membership eligibility due to the association with Qantas Airways, and the use of the term credit union limiting the organisation's growth.

[12] At the beginning of 2014, the organisation purchased the naming rights to the Sydney Entertainment Centre, with the venue becoming known as the Qantas Credit Union Arena.

[15] In April 2016, Qudos Bank secured a multi-year naming rights deal for the Sydney Super Dome, most recently known as the Allphones Arena.