Heritage Bank and People's Choice exploring AUD 22 billion merger

Wednesday 18 August 2021 12:37 CET | News

Heritage Bank and People’s Choice Credit Union, two of Australia’s customer-owned banking organisations, have agreed to explore a merger opportunity.

If a merger were to proceed, both organisations’ members would benefit from being part of one of Australia’s largest customer-owned banking organisations with approximately 700,000 members and AUD 22 billion in total assets, as the press release states.

The proposed merger has a strategic rationale given the complementary capabilities and geographic footprint of both parties. By joining forces, the merged entity would be of a size and scale that would enable both organisations to deliver more for their members through enhanced products, services, digital capabilities, and competitive pricing.

The combined entity would retain a mutual status with a committed member focus. It would operate a national network of more than 90 branches and employ approximately 1,700 people. There would be no branch closures or non-executive redundancies as a result of the proposed merger.

A detailed and thorough due diligence process is now underway to assess the member benefits. If both organisations decide to proceed, the proposal will go to a member vote which would occur in early 2022. Heritage and People’s Choice will provide further updates as required as the discussions progress.

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Keywords: merger, partnership, retail banking, online banking
Categories: Banking & Fintech
Countries: Australia
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Banking & Fintech

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