- Enhanced customer benefits: broader products and services, stronger cyber security, and greater resilience.
- Nationwide presence: coast-to-coast reach, Australian-based contact centres, and a strong branch network maintained.
- Shared culture and heritage: preserving values and brand identity to create a sustainable, customer-owned bank that keeps customers first.
- Scale and strength: combined assets of around $30 billion, strengthening the customer-owned banking offering.
- Commitment to people: all non-executive employees to be offered roles in the merged entity.
- Memorandum of Understanding: MoU signed to progress the merger, subject to due diligence, regulatory approval, and member vote.
Two of Australia’s most respected customer-owned banks, Great Southern Bank and P&N Group (Police and Nurses Limited) - which operates P&N Bank in Western Australia and BCU Bank in Northern NSW and South-East Queensland - today announced the signing of a Memorandum of Understanding (MOU) to explore a merger.
The merger would bring together Great Southern Bank’s strength across Queensland, New South Wales, and Victoria with P&N Bank’s market-leading position in Western Australia and BCU Bank’s continued growth in Northern NSW and South-East Queensland - creating a powerful metropolitan and regional network serving customers nationwide.
With a shared customer-first ethos, all three brands would continue post the merger vote. The merged entity would remain 100% customer-owned, with profits reinvested to benefit customers, and all non-executive employees offered roles.
The merged entity would become one of Australia’s largest customer-owned banks, with total assets of around $30 billion, dual head offices in Perth and Brisbane, regional offices in Coffs Harbour, Sydney, and Melbourne and delivering the first truly coast to coast presence in the sector.
The combined entity would serve approximately 620,000 customers, and provide expanded support for first home buyers, small businesses, and essential workers. The existing branch presence and Australian-based call centres on both the east and west coasts would be maintained, providing extended support across time zones.
P&N Group’s Chair, Gary Humphreys, said the merger would deliver benefits for customers, employees, and communities.
“We have been deliberate in our choice of partnering with Great Southern Bank for this potential merger opportunity. We believe that our customers will benefit from being a part of one of Australia’s leading customer and community-focused banks. Great Southern Bank is a financially strong Australian customer-owned bank with a solid reputation and shared values. The prospect of enhancing our shared commitment to face to face customer service and the personal touch our customers love, is an exciting one for our employees and our customers.”
Looking ahead to the opportunities this merger would present, P&N Group Managing Director and Chief Executive Officer, Andrew Hadley, said: “Preserving and strengthening our unique West-Coast heritage and identity for P&N Bank customers and our local branches and rural connections for our BCU Bank customers is something we know matters a great deal to them.
“Banking continues to change at pace. Our industry is highly competitive, and given the critical investments required in digital banking, cyber security, technology, and regulation, a merger of this scale would benefit our customers and help ensure that we remain competitive and sustainable.
“By combining our financial resources, strengths and people capabilities, the merged entity would be in a better position to continue to invest in delivering the most value and service to our customers of today and the future.”
Great Southern Bank Chair, Deborah O’Toole, said the merger represents a landmark opportunity to strengthen the customer-owned offering.
“This merger would create one of Australia’s largest customer-owned banks – a credible alternative to the major banks that can deliver more for customers while staying true to our purpose. By combining, we can invest more in digital banking and technology, improve pricing, and expand our services – all while keeping people, not profits, at the centre of everything we do.
Great Southern Bank, Chief Executive Officer, Paul Lewis added: “A merger with P&N Group gives us the scale to continue investing in our people and communities, ensuring a relevant, resilient, and sustainable bank that meets the needs of current and future generations of Australians.”
The proposed Board would include equal representation from both banks, with Great Southern Bank’s Chair Deborah O’Toole appointed as inaugural Chair and P&N Group’s current Chair, Gary Humphreys appointed as Deputy Chair. Great Southern Bank’s Paul Lewis would be the inaugural Chief Executive Officer, with a Deputy CEO based in Perth to be appointed.
There would be no immediate changes for customers or employees. Both banks are committed to transparency and regular updates as the process progresses.
With the MOU now signed, both banks will commence Due Diligence. If the Boards agree to proceed, members will have the opportunity to vote on the proposed merger in late 2026 following completion of all required regulatory reviews and approvals.