P&N has a proud history and is the culmination of many successful mergers.
Earlier this year, P&N contacted our members announcing that in alignment with our growth strategy, we have found an ideal merger partner in bcu (Bananacoast Community Credit Union).
After a thorough due diligence process completed in conjunction with external advisers, our Directors have unanimously concluded that a merger with bcu is in the best interests of P&N members.
Our regulator, the Australian Prudential Regulatory Authority (APRA) is currently reviewing our draft Member Information Document (MID) that contains detailed information about the merger. We will be emailing or posting the MID to our members later this year, well in advance of a member vote. Until we receive APRA's approval, we are not permitted to discuss the detailed benefits of the merger but I can assure you that specific and comprehensive information will be outlined in the MID.
bcu is a strong and successful credit union with a proud history. They only operate on the east coast of Australia (Queensland and New South Wales) and are a successful and respected organisation. As a merged entity under the Police & Nurses Limited banking licence, we will remain amongst the strongest customer-owned banking organisations in Australia, a position that we believe is increasingly important as the customer-owned banking sector continues to consolidate.
P&N and bcu believe we complement each other and will be stronger together. Our respective members will retain and continue to enjoy the things they love about their banking organisation, as we spread and share the increasing high costs of regulation, digital innovation and back office operations across a larger business.
Should the merger be approved by our members, the Head Office will remain in Perth, our staff have been guaranteed roles and I can commit that no branches will close as a result of the merger.
Our list of commitments to our members can be found on our Stronger Together webpage, as well as a range of questions and answers.
Over the next month or so, you will hear more about the merger in preparation for the vote later this year and I encourage you to get involved. Let us know what's on your mind by visiting one of our branches, calling our Contact Centre or emailing your comments or questions to [email protected]. You will also have the opportunity to attend one of our member forums with the Chair and I, to speak to us in person if you would prefer. This will potentially take place in August or September.
Once you receive the MID and voting information, you will have your chance to vote for our future. Voting will be open online, via postal voting or in person at our Special General Meeting (SGM) that will coincide with our AGM. This date is yet to be confirmed.
Should you wish to send any questions through now please do and I look forward to sharing more information with you once we have the appropriate approvals from APRA.
I genuinely believe that this merger will benefit our members directly, help strengthen P&N for the future and I would strongly encourage you to vote in favour of the merger when the time comes.
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