Great Southern, P&N Group in merger talks to form $30b customer-owned bank
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The news: Customer-owned banks Great Southern Bank and P&N Group have signed a memorandum of understanding to explore a merger that would create an entity with $30 billion in assets.
The numbers: The combined entity would serve about 620,000 customers.
The context: The proposed merged board would feature equal representation from both banks, with Great Southern Bank chair Deboarh O’Toole to become the inaugural chair while P&N Group’s chair Gary Humphreys’ would be appointed deputy chair.
Due diligence will now begin. If approved by the boards of the two banks, members will vote on the proposed merger in late 2026 after relevant regulation and approvals are secured.
The merged entity would be one of Australia’s largest customer-owned bank, delivering “the first truly coast to coast presence in the sector”, according to a joint statement.
The deal would combine Great Southern Bank’s operations in Queensland, New South Wales and Victoria with P&N Group’s P&N Bank operations in Western Australia and BCU Bank’s operations in Northern New South Wales and South-East Queensland.
It would have dual head offices in Perth and Brisbane, with regional offices in Coffs Harbour, Sydney and Melbourne.
What they said: “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 chair Deborah O’Toole said.
Meanwhile, P&N Group chair Gary Humphreys said: “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”.
The sources: P&N Group media release, Great Southern Bank media release
