Announcement comes amid large-scale consolidation of customer-owned banking sector
Great Southern Bank and P&N Group have signed a memorandum of understanding (MoU) to explore a merger which would create one of the largest customer-owned banking entities in the country.
The merger would bring together Great Southern Bank’s footprint across Queensland, New South Wales and Victoria with P&N Bank’s footprint in Western Australia.
P&N Bank also owns BCU Bank in Northern NSW and southeast Queensland, which would also be incorporated into the merged entity.
The merged entity would become one of Australia’s largest customer-owned banks, with total assets of around $30 billion. It would operate out of dual head offices in Perth and Brisbane, alongside regional offices in Coffs Harbour, Sydney, and Melbourne.
P&N Group chair Gary Humphreys believes the merger would deliver benefits for customers, employees, and communities.
He said: “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.
“Great Southern Bank is a financially strong Australian customer-owned bank with a solid reputation and shared values. The prospect of enhancing our shared commitment to face to face customer service and the personal touch our customers love, is an exciting one for our employees and our customers.”
Great Southern Bank chief executive Paul Lewis (pictured, left, alongside P&N Bank chief executive Andrew Hadley) added: “A merger with P&N Group gives us the scale to continue investing in our people and communities, ensuring a relevant, resilient, and sustainable bank that meets the needs of current and future generations of Australians.”
Mutual merger season heats up
The proposed merger between Great Southern Bank and P&N Group is just one in a long line of customer-owned bank mergers either in the pipeline or recently completed.
- Bank Australia and Qudos Bank: Officially merged in July 2025, creating one of the country’s largest customer-owned banking institutions with around 300,000 members. The merger created a group with total assets of $18 billion and nearly 900 employees, all based in Australia
- Teachers Mutual Bank and Australian Mutual Bank: Signed an MoU in December 2024 to explore a merger that could create one of Australia’s largest member-owned banks, with $13.4 billion in total assets and over 300,000 members. The proposal was formally endorsed by both banks’ boards in May 2025
- Regional Australia Bank and Summerland Bank: Secured board approval to merge their businesses following the completion of an extensive due diligence process in April 2025. They first announced their intent to merge in October 2024
- G&C Mutual Bank and Unity Bank: Officially merged in March 2025, creating a combined entity with total assets of $3.8 billion
- Heritage Bank and People’s Choice: Combined in 2023 to create People First Bank
- Greater Bank and Newcastle Permanent: Merged in 2023 to form Newcastle Greater Mutual Group
