Sounds like you are right in taking a direct waterfall approach for the first version of the app. Because they are a banking institution, it makes sense that you'd have to produce a lot of documentation for them. I agree with devoting 50% of the time to this part.
In a more agile approach, there's less official documentation and more on-the-go changes in the creative part.
Personas and qualitative research tends to go hand-in-hand. You should already have a guage of the type of users you want so you can focus who you want to interview.
Personally, I would also sketch throughout the entire process as ideas could come at any time and this will aid with the wireframing when it comes time for it.
From experience, most banking clients will request iteration after iteration for the wireframe. I'm not certain the 2 weeks will cover it. The timeline sounds very tight.
You also can't consider the UX phase to be completely over as you should be participant in the entire process, especially through Creative and Development phases. If possible, you should consider setting up some kind of quick Hallway Test for the Creative. This can skew user perspective regarding the ease of use for the app.