Beyond Bank Australia and Police and Nurses Limited Explore Merger
(3 June 2024 – Australia) Police and Nurses Limited and Beyond Bank Australia have signed a memorandum of understanding (MOU) to explore a potential merger of the two entities.
The two Australian banks have signed an agreement to investigate the possibility of a merger of equals, as per an announcement on Thursday. A successful merger would see the merged entity with approximately A$23.5 billion of total assets and the 20th largest bank in Australia.
With a MOU signed, both banks are now embarking on their due diligence processes. Both banks have affirmed to their customer owners that they intend to maintain a strong branch network if the merger goes ahead, with a vote on the outcome expecting to occur in 2025 once all regulatory reviews are complete.
“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,” commented Sam Andersen, Chair of Beyond Bank.
“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.” added Chair of Police and Nurses Limited Gary Humphreys.
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