Highlights
- Enhanced customer benefits: Potential to unlock substantial benefits for customers through increased scale and investment in improved customer experience, creating the first customer-owned bank with coast-to-coast nationwide reach.
- Technology transformation: Commitment to enhanced digital experience, including increased investment in cyber security and fraud/scam prevention.
- Commitment to people: Merged entity to be the employer of choice for circa 1,500 people, with greater career growth opportunities and all employees below Executive level offered roles.
- Commitment to greater impact: Commitment to grow positive impact for people, and stronger outcomes for our communities through increased scale and investment.
- Scale and strength: Combined assets over $30 billion and more than 530,000 customers, creating one of the most compelling customer owned banking propositions in Australia.
- Members vote in 2027: Members to vote on the merger in the first half of 2027 should plans proceed.
Bank Australia and P&N Group (Police & Nurses Limited) – which operates P&N Bank in Western Australia and BCU Bank in Northern NSW and South-East Queensland – today announced their intention to explore a merger between two of Australia’s leading customer-owned banking groups.
The merger would create one of Australia’s largest purpose-led customer-owned banks, building on shared values and commitment to customer ownership, and sector leading commitments to sustainability and community impact.
Bringing Bank Australia and P&N Group together would create an entity supporting more than 530,000 customers with total assets exceeding $30 billion and served by almost 1,500 employees nationwide. Bank Australia’s strong east coast presence combined with P&N Group’s strength in Western Australia and regional NSW opens up opportunities to create a truly nationwide customer-owned bank.
The merged bank will remain 100% customer-owned, with branch presence and Australian-based call centres on both the east and west coasts providing extended customer support across time zones.
Bank Australia Chair Jennifer Dalitz said "Partnering with P&N Group supports our strategy and purpose to be a financial force for mutual good. This potential merger creates a unique opportunity to build Australia’s leading customer-owned bank with the scale to invest in better services, technology and security, while growing our ability to drive positive social and environmental impact on behalf of our customers."
P&N Group Chair Gary Humphreys said "This partnership brings together two strong, Australian customer-owned banks with aligned values and a shared commitment to putting customers first. We believe it creates a compelling opportunity for our customers to be part of a national organisation and one of Australia’s leading purpose-led banks. Bank Australia is a financially resilient organisation with an established brand, clear strategic direction, and a well-established track record of delivering positive outcomes for customers and communities."
Key aspects of the proposed merger agreement include:
- Jennifer Dalitz (Bank Australia) as inaugural Chair and Gary Humphreys (P&N Group) as inaugural Deputy Chair of the merged entity.
- The merged Board will include 6 Bank Australia and 4 P&N Group directors ensuring retention of required skills and experience.
- Andrew Hadley (P&N Group) to become Managing Director and Chief Executive Officer, while Damien Walsh (Bank Australia) will explore other career options following a successful merger.
- All non-executive employees will be offered a role in the merged entity.
- The registered Head office will be in Melbourne, and state office operations will be maintained across Perth, Sydney and Brisbane.
- The important regional presence will also be maintained, including Coffs Harbour.
- All current branches across Victoria, WA, NSW, ACT and Queensland will be retained and reviewed by the merged entity in future to support customer service requirements and strategic objectives.
- All current brands will be retained on Day 1, with an intent to adopt the Bank Australia brand as soon as practical.
With the MOU now signed, both banks will commence due diligence. If the Boards agree to proceed, members will have the opportunity to vote on the proposed merger in the first half of 2027 following completion of all required regulatory reviews and approvals.
About Bank Australia
Bank Australia Bank Australia Ltd believes finance can be a force for good and together we can have a positive impact on our customers, communities and the planet. Following the merger with Qudos Bank on 1 July 2025, Bank Australia Ltd continues to operate the Bank Australia and Qudos Bank retail brands. We are 100% customer-owned and aim to build on our position as Australia’s leading purpose-driven bank. We support almost 330,000 customers and we’re custodians of more than $20 billion in assets.
About P&N Group
P&N Group (Police & Nurses Limited) (PNL) is one of Australia’s top ten customer-owned banks and operates P&N Bank in Western Australia and BCU Bank in Northern NSW and Southeast Queensland. As a customer-owned bank, our customers and owners are one and the same so there is no inherent conflict like the listed banks. Our purpose is to enrich the lives of our customers and communities, and both brands have a long history of supporting programs, initiatives, and activities to assist customers to achieve their personal, financial, and wellness goals.