- 100% customer-owned model to remain
- Customer benefits at the forefront – products, pricing, digital services
- Expanded branch footprint across Australia
- Strong cultural alignment and brand heritage preserved
- Australian contact centres and strong branch presence maintained
- Potential customer vote on merger late 2026
We would like to share some important news with our valued customers.
BCU Bank (Police and Nurses Ltd) and Great Southern Bank have signed a Memorandum of Understanding (MoU) to explore a possible merger from now into 2026.
Nothing changes for our customers right now. You can continue to use your accounts, branches and contact centres as usual. The merger would only proceed if it is approved by regulators and supported by our members via a vote.
Why are we exploring a merger?
Banking technology and consumer expectations continue to change rapidly. The industry is highly competitive, with banks needing to make critical ongoing investments in digital banking, cyber security, technology, and regulation. To deliver better products, more choice and stronger services, we need greater size and scale. This will not only futureproof our bank but will help us better reinvest our profits back into improved customer products and services.
By combining our strengths with Great Southern Bank in coverage, expertise, cyber security and technology, we would not only become stronger and more resilient, but we would be better positioned to deliver the enhanced products, services and security that our customers expect.
This MoU is the first step in a process that may, subject to a Board recommendation to merge and regulatory approvals, ultimately be determined by a member vote on a merger sometime in late 2026.
Who is Great Southern Bank?
- We have deliberately chosen to partner with Great Southern Bank for this potential merger because they are a financially strong Australian customer-owned bank just like us, with a strong brand reputation and the same values and community focus.
- As one of Australia’s leading customer-owned banks, they support the financial aspirations of over 420,000 Australians.
- Their purpose is to help all Australians to own their own home, backed with competitive, multi-award-winning products, and strong customer service.
- Great Southern Bank has 1,000 employees and 26 branches (10 Brisbane, 9 Sydney, 6 Melbourne, 1 Perth).
What does this mean for you?
For now, nothing changes. You’ll continue to access your accounts, branches and contact centres as you always have. If the merger proceeds, customers could expect:
- A stronger, 100% customer-owned bank with national reach.
- More choice in products and services.
- Competitive pricing, expanded product range and better digital banking.
- Increased investment in technology and security.
- Expanded branch footprint in Queensland, NSW and Victoria.
- Continued focus on first home buyers, essential workers and small businesses.
Our commitments
We assure you that our Board will only recommend a merger if the Due Diligence (review) process demonstrates a merger would be in the best interests of our customers. If the merger proceeds, we are committed to:
- Putting our customers first and being 100% customer-owned.
- All jobs and contact-centres based in Australia.
- No branch closures because of the merger.
- Unlocking more investment for cyber security and fraud protections to keep our customers’ money safe.
- The three brands continuing after the merger vote.
- Operating two Head Offices in Brisbane, Perth and three regional officers in Coffs Harbour, Sydney and Melbourne.
- Maintaining and enhancing the great face-to-face customer service and unique local connections that our customers value.
- Maintaining unique local connections, local jobs, and rural branches with the personal touches our customers value.
- All non-executive employees being guaranteed a role in the merged entity.
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 Chair, Gary Humphreys, appointed as Deputy Chair. Great Southern Bank’s CEO, Paul Lewis, would be appointed inaugural Chief Executive Officer and a Deputy CEO would be appointed, based in Perth.
What do you need to do?
You do not need to do anything now – we’re here to serve you as usual.
Over the coming months, our team and the Great Southern Bank team will each conduct a thorough Due Diligence (review) process. If both Boards agree to recommend a merger, a member vote on the proposed merger will take place in late 2026, following a detailed customer education campaign throughout 2026 and the required regulatory approvals along the way.
Frequently asked questions
You do not need to do anything at this early stage.
We will spend some months conducting a detailed and thorough Due Diligence process. If both Boards agree to proceed with a merger, members will be offered the opportunity to vote on the proposed merger, likely in late 2026 once all the appropriate regulatory reviews and approvals are complete.
Our members, and Great Southern Bank members, will ultimately determine the outcome.
Should the merger proceed to a member vote, we would provide all the information you need over many months to ensure that you are in the best possible position to make an informed decision.
P&N Group and Great Southern Bank are committed to maintaining a strong branch network in all existing regions, and there will be no branch closures as a result of the merger. The Great Southern Bank footprint includes 26 branches (10 Brisbane, 9 Sydney, 6 Melbourne, 1 Perth).
The only duplication that exists is in the Brisbane and Perth CBDs, where P&N Group operates cashless branches.
The first step is to complete the Due Diligence review process over the coming months. The Board will then decide whether to make a recommendation to our members to merge. That will take several months and will be followed by an extensive member communication program. Should the process proceed, I expect our members will be invited to vote in late 2026.
No, the merged entity would continue to be 100% customer owned. Should the merger ultimately proceed, the new organisation formed will maintain the ethos and values of a customer-owned bank.