Banking has changed dramatically in recent years with technological advances, increased regulation, and emerging competitors and business models. These changes bring with them increased customer expectations and investment spend, and we need to grow our organisation to ensure that we remain relevant and sustainable. Put simply, additional size and scale will place us in a much better position to compete.
Consolidation of the customer-owned banking industry will continue to occur with or without us, and in an increasingly digital world, state boundaries are less relevant than they used to be.
P&N Bank has been investigating options for potential partnerships for some time to strengthen our core business and expand our presence.
Our industry is facing many challenges, including rising costs, decreasing margins and an increase in required investments in technology and compliance. A partnership with bcu would pave the way for a stronger organisation for both sets of members.
If this merger is approved, we will retain all the attributes that our members love about P&N Bank - our brand, our people, our branch network and our new WA based Head Office in the heart of the Perth CBD will remain. Together we will be a stronger banking organisation on behalf of our current and future members.
Both the P&N Bank and bcu Boards are supportive of this merger proceeding.