Great Southern Bank and P&N Group in Merger Talks
Two of Australia’s most respected customer-owned banks – Great Southern Bank and P&N Group (Police and Nurses Limited) – which operates P&N Bank in Western Australia and BCU Bank in Northern NSW and South-East Queensland – on Monday signed a Memorandum of Understanding (MOU) to explore a merger.
The merger would bring together Great Southern Bank’s strength across Queensland, New South Wales, and Victoria with P&N Bank’s market-leading position in Western Australia and BCU Bank’s continued growth in Northern NSW and South-East Queensland – creating a powerful metropolitan and regional network serving customers nationwide.
With a shared customer-first ethos, all three brands would continue post the merger vote. The merged entity would remain 100% customer-owned, with profits reinvested to benefit customers, and all non-executive employees offered roles.
The merged entity would become one of Australia’s largest customer-owned banks, with total assets of around $19.74 billion, dual head offices in Perth and Brisbane, regional offices in Coffs Harbour, Sydney, and Melbourne and delivering the first truly coast to coast presence in the sector.
The combined entity would serve approximately 620,000 customers, and provide expanded support for first home buyers, small businesses, and essential workers. The existing branch presence and Australian-based call centres on both the east and west coasts would be maintained, providing extended support across time zones.
Benefits for All
P&N Group’s Chair, Gary Humphreys, said that the merger would deliver benefits for customers, employees, and communities.
“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,” he said.
Great Southern Bank is a financially strong Australian customer-owned bank with a solid reputation and shared values. The prospect of enhancing P&N Group’s shared commitment to face to face customer service and the personal touch the bank’s customers love, is an exciting one for the bank’s employees and our customers, he added.
Looking ahead to the opportunities this merger would present, P&N Group Managing Director and CEO Andrew Hadley said that preserving and strengthening their unique West-Coast heritage and identity for P&N Bank customers and their local branches and rural connections for BCU Bank customers is a great deal to them.
“By combining our financial resources, strengths and people capabilities, the merged entity would be in a better position to continue to invest in delivering the most value and service to our customers of today and the future,” Hadley added.
Great Southern Bank Chair, Deborah O’Toole, said the merger represents a landmark opportunity to strengthen the customer-owned offering.
“This merger would create one of Australia’s largest customer-owned banks – a credible alternative to the major banks that can deliver more for customers while staying true to our purpose. 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,” Deborah added.
The proposed Board would include equal representation from both banks, with Great Southern Bank’s Chair Deborah O’Toole appointed as inaugural Chair and P&N Group’s current Chair, Gary Humphreys appointed as Deputy Chair.
There would be no immediate changes for customers or employees. Both banks are committed to transparency and regular updates as the process progresses.
With the MOU now signed, both banks will commence Due Diligence and if the Boards agree to proceed, members will have the opportunity to vote on the proposed merger in late 2026 following completion of all required regulatory reviews and approvals.
