Great Southern Bank and P&N Group have signed a memorandum of understanding (MoU) to explore a merger which would create one of the largest customer-owned banking entities in the country.
The merger would bring together Great Southern Bank’s footprint across Queensland, New South Wales and Victoria with P&N Bank’s footprint in Western Australia.
P&N Bank also owns BCU Bank in Northern NSW and southeast Queensland, which would also be incorporated into the merged entity.
The merged entity would become one of Australia’s largest customer-owned banks, with total assets of around $30 billion. It would operate out of dual head offices in Perth and Brisbane, alongside regional offices in Coffs Harbour, Sydney, and Melbourne.
P&N Group chair Gary Humphreys believes the merger would deliver benefits for customers, employees, and communities.
He said: “We have been deliberate in our choice of partnering with Great Southern Bank for this potential merger opportunity. We believe that our customers will benefit from being a part of one of Australia’s leading customer and community-focused banks.
“Great Southern Bank is a financially strong Australian customer-owned bank with a solid reputation and shared values. The prospect of enhancing our shared commitment to face to face customer service and the personal touch our customers love, is an exciting one for our employees and our customers.”
Great Southern Bank chief executive Paul Lewis (pictured, left, alongside P&N Bank chief executive Andrew Hadley) added: “A merger with P&N Group gives us the scale to continue investing in our people and communities, ensuring a relevant, resilient, and sustainable bank that meets the needs of current and future generations of Australians.”
Source: https://www.mpamag.com/au/news/general/great-southern-bank-pn-group-announce-merger-talks/550388