BSB 806 015

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BSB 806 015

Stronger together - an important opportunity for P&N

Dear member,

You may be aware that since December 2018, P&N has been exploring a merger opportunity with bcu, to strengthen our organisation, enhance our member offerings and expand our presence.

Who is bcu?

bcu is a highly successful northern NSW based credit union, with 21 branches, a loyal member base of 57,000 people, 200 staff and $1.7 billion in assets.

Whilst half the size of P&N, bcu share the same member-owned model, member first ethos and community focus as P&N. Like us, they also have a clear appetite to grow so that they can improve the products and services they provide to their members.

Why should we merge?

Although P&N is currently well positioned, there are considerable challenges ahead for smaller financial institutions such as ours.

The ever-increasing real cost of regulation and reporting, the requirement to keep pace with digital banking and technological advances, and with that, the imperative to keep Members’ money safe and secure online requires an ongoing investment that will be best met with size and scale.

Put simply, we need to keep growing so that we can continue to offer our current and future members competitive products, services and rates through convenient and modern banking channels.

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.

What's important to you?

Therefore, we would like to reassure you that should this merger proceed:

  • P&N’s brand, and our commitment to our members and their communities will not change
  • P&N’s Head Office will remain in WA at our new Perth CBD premises
  • The Chair and the CEO of the merged entity will remain Perth based
  • There will be no branch closures as a result of the merger, and
  • There will be no forced redundancies.

Most importantly, we have concluded that the integration of both organisations will deliver tangible financial and non-financial benefits back to you, our members.

What's next?

We are pleased to advise that, following an extensive due diligence process (completed in conjunction with our external advisers), our Board has endorsed the merger to progress to the next phase, on the basis that: 

  • no material issues have been identified that would cause us not to proceed with the proposed merger with bcu; and
  • it is in the best interests of both P&N and our members.

You, our members, are always our most important priority and we look forward to answering your questions at any time during this merger process.

The proposed merger between P&N Bank and bcu has the unanimous support of the P&N Board of Directors and has been approved by the Australian Prudential Regulatory Authority (APRA) and other regulators.

All P&N members are encouraged to exercise their right to vote on this important proposal.

What do you need to do now?

All P&N members are encouraged to exercise their right to vote on this important proposal. P&N members will receive a voting pack from mid-September via email or in the post. This pack will include a Member Information Document, which will outline everything you need to know about the proposed merger and instructions on how to vote online, in person at the Special General Meeting (SGM) to be held on 23 October 2019 or via the completion and return of a proxy form. The Special General Meeting will be held at the BelleVue Ballroom 2 (Level 3), Perth Convention and Exhibition Centre, 21 Mounts Bay Road, Perth WA 6000 on Wednesday 23 October at 2:00pm (WST).

Should you have questions or feedback at any time, please call our Contact Centre on 13 25 77 or email us at [email protected].

Kind regards,

Andrew Hadley

Andrew Hadley
CEO

Frequently asked questions

  • Who is bcu?

    bcu is a highly successful northern NSW based credit union, with 21 branches, a loyal member base of 57,000 people, 200 staff and $1.7 billion in assets. 

    Whilst half the size of P&N Bank, bcu share the same member-owned model, member first ethos and community focus as P&N. Like us, they also have a clear appetite to grow so that they can improve the products and services they provide to their members.

    bcu has a strong and positive brand presence in their region and a different distribution footprint to P&N Bank. They operate and serve members in NSW and Queensland, while P&N operates in Western Australia.

See all frequently asked questions regarding the bcu merger.

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