'Progressing the merger would not be in the best interests' of members, says GSB
Great Southern Bank and P&N Bank have scapped their long-running merger talks without sealing a deal.
"After careful consideration and a robust process, the Great Southern Bank Board determined that progressing the merger would not be in the best interests of its members," GSB said in a statement.
The bank added: "There is no impact on Great Southern Bank customers, employees or day-to-day operations. All accounts, services, branches and call centres continue to operate as normal.
"We thank P&N Group for their engagement throughout the process and wish them well in their future endeavours."
P&N Bank confirmed it had concluded exploratory merger discussions with Great Southern Bank, saying: "Both Boards have mutually agreed to terminate the Memorandum of Understanding. After careful consideration and a robust process, the PNL Board determined that progressing the merger would not be in the best interests of its customers.
There is no impact on P&N Bank or BCU Bank customers, employees or day-to-day operations. All accounts, services, branches and call centres continue to operate as normal. We thank Great Southern Bank for their engagement throughout the process and wish them
well in their future endeavours."
The two mutuals signed a memorandum of understanding (MoU) to explore a merger last year, which would create one of the largest customer-owned banking entities in the country.
The merger would have brought together Great Southern Bank’s footprint across Queensland, New South Wales and Victoria with P&N Bank’s footprint in Western Australia.
The merged entity would have created an entity with total assets of around $30 billion.
