Both organisations have now concluded an initial due diligence phase.
The Boards of both Police & Nurses Limited and Bank Australia Limited have endorsed a recommendation to proceed to the regulatory application stage of the proposed merger.
The next stage of the process will involve regulatory approvals which are necessary before progressing to a member vote, which is expected to take place in the first half of 2027 although subject to change.
Subject to regulatory approval, members of both organisations will be asked to vote on the proposal, and for the merger to proceed, at least 75% of voting members from each bank must vote ‘yes’ in favour of the merger.
We’ll share detailed information with members well ahead of any vote.
The merger will only proceed if approved by regulators and supported by members.