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For and with you

Beyond Bank Australia and Police and Nurses Limited explore the opportunity to merge.

3 minutes
5 June 2024
Corporate Announcements

  • A Memorandum of Understanding signed to investigate a merger of equals
  • Customer benefits at the forefront
  • A merged entity would create one of Australia’s largest customer-owned banks
  • Strong cultural alignment between the banks with a shared commitment to customers and community
  • A strong branch presence to remain in all existing regions with enhanced customer benefits
  • All staff to be offered roles in the merged entity

 

Beyond Bank Australia is pleased to announce that it has signed a Memorandum of Understanding with Police and Nurses Limited (PNL) to explore a merger.

The new merged entity would create one of Australia’s largest customer-owned banks with total assets close to $20 billion.

Beyond Bank Australia’s strength across South Australia, the ACT, Western Australia, New South Wales and Victoria, combined with P&N Bank’s market-leading position in Western Australia and BCU Bank’s continued growth across Northern NSW and South East Queensland, would create a vast metropolitan and regional footprint. 

“Both banks have long and proud histories through their credit union origins, which are at the heart of our modern customer-owned banks. We both recognise and are committed to the value of cooperative purpose and principles that have helped us create a positive impact for our customers and communities over many years,” said Mrs Sam Andersen, Chair of Beyond Bank.

“We’re excited by the opportunity to jointly build on our shared commitments to people, customer-owners and communities through our core purpose of changing the lives of our customers and communities through financial wellbeing. 

“We will continue to be a proud B Corp and pursue our goal of being the best relationship bank in Australia. A merger will enable us to create an even stronger, more sustainable bank that continues to thrive well into the future.”

Mr Gary Humphreys, Chair, PNL, agreed, citing the opportunities such a merger would create. 

“With close alignment of culture and values, and a shared focus on member-first banking, we believe that our banks would make ideal merger partners. The opportunity to bring two financially strong and growing customer-owned banks together to create one of Australia’s leading member and community-focused entities is an exciting one for our employees and our members,” said Mr Humphreys.

“Banking has changed significantly in the past decade. The industry is highly competitive, and given the critical investments required in digital banking, cyber security, technology, and regulation, to name just a few, achieving scale through mergers like this can help ensure that we remain competitive and sustainable.”

“By combining our size and people capabilities to become a stronger organisation for all our members, our merged entity will be in a better position to continue to invest in delivering the highest value and service to our members of today and the future.”

Both banks have affirmed that maintaining a strong branch network across the existing regions and all employees being offered meaningful roles in the merged entity are key components of the proposed merger. 

The proposed Board composition of the merged entity would be made up of equal representation from the existing Boards of Beyond Bank and Police and Nurses Limited. Gary Humphreys (PNL) would be appointed as the inaugural Chair with Jake Bromwich (Beyond Bank) appointed the inaugural Chief Executive Officer.

With the Memorandum of Understanding now signed, Beyond Bank Australia and Police and Nurses Limited embark on the due diligence process. 

Following this, if both Boards agree to proceed, members will be asked to vote on the proposed merger in 2025 once all the appropriate regulatory reviews and approvals are complete.

Members of both banks will be kept informed of progress and will be provided with further information to support them in making an informed decision if the merger is brought to a vote.


About Beyond Bank Australia.

Beyond Bank is one of Australia’s largest customer-owned banks with branches and offices in New South Wales, South Australia, Western Australia, ACT and Victoria. We partner with more than 5000 community organisations around the nation to create and return value for our customers and communities and, through this, change lives. Beyond Bank is a B Corp, a business that is certified as meeting high standards of social and environmental impact, ensuring their practices and outputs benefit all people, communities and our planet. To learn more, visit beyondbank.com.au  

About PNL Limited.

Police & Nurses Limited (PNL) is one of Australia’s largest customer-owned banks, and operates P&N Bank in Western Australia and BCU Bank in Northern NSW and South East Queensland. As a customer-owned bank, our members and owners are one and the same so there is no natural conflict like the listed banks. PNL’s purpose is to enrich the lives of our members and communities and both brands have a long history of supporting programs, initiatives, and activities to assist members to achieve their personal, financial, and wellness goals. To learn more visit pnbank.com.au and bcu.com.au

Further media information:

Georgina McGuinness
Media Relations
Beyond Bank Australia
T: 0488 247 777
E: georgina@mcguinnessmedia.com.au 

Shane Farley
Head of Community, Sustainability & Communications
Beyond Bank Australia
T: 0430 301 133
E: sfarley@beyondbank.com.au

Kerrie Nayler
Senior Manager Corporate Affairs
Police and Nurses Limited
T: 0409 309 453
E: kerrie.nayler@pnbank.com.au

 


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