Over the three months since that announcement, our team and expert advisers have undertaken extensive due diligence on this proposed opportunity, and we are pleased to advise that the process has now concluded.
Following the due diligence phase, the bcu Board are unanimously recommending P&N’s suitability as an ideal merger partner to provide long-term strength and stability for bcu, and the process will now progress towards a member vote to decide on the proposed merger opportunity.
What this means for members?
The credit union sector is facing many challenges, including rising costs, decreasing margins and an increase in required investments in technology and compliance. The proposed merger with P&N will ensure bcu can face these challenges, secure a strong and sustainable future, and do so on terms of our choosing.
bcu’s board is delighted that we have found a merger partner that has agreed to continue to operate bcu’s stores and retain its people and brand, while continuing to invest in the local community.
This proposed merger will also mean that we can share technology and IT systems, saving money for each member and keeping fees low while enhancing services.
Who is P&N Bank?
P&N is a customer-owned organisation with origins dating back to 1969. Like bcu, members remain at the heart of everything P&N does. Its purpose is centred around enriching the lives of its members and communities, as well as offering innovative products and services that meet members’ growing needs.
This is a great opportunity to merge with an organisation that shares the same values, ethos and community engagement.
What happens next?
The positive due diligence outcome means that the bcu board is unanimously recommending the proposed merger and will provide details to members for their consideration ahead of a member vote.
bcu will be busy over the coming months preparing an information booklet for our members, to be submitted to the Australian Prudential Regulation Authority (APRA). This approval process could take several months, and following this, we will then be able to release this information booklet to members.
After the information booklet is released, members will have time to review the information and ask questions at various in-store and community forums, before a member vote likely during the fourth quarter of 2019.
What do members need to do now?
Members don’t need to take any action at this stage. It is business as usual at bcu, and our friendly staff across all of our regions will continue to deliver the same level of service to members.
Please also feel free to ask us questions at any time. You can chat to your local store team, call us on 1300 228 228, visit www.bcu.com.au/future or email