Two of the biggest names in the customer-owned banking space may be about to join forces, as Heritage Bank and People’s Choice announce that they are in merger talks.
Heritage Bank is one of the largest customer-owned banks while People’s Choice is one of the largest credit unions in Australia.
Were they to merge, it would create a behemoth in the customer-owned banking space, with a combined membership north of 700,000 and potentially as much as $22 billion in combined assets.
They would have 90 branches across Australia, split between Heritage’s heartland of southern Queensland and People’s Choice’s stronghold in South Australia.
Both insist that, should they come together, no branches would close and there would be no job losses below executive level.
“Heritage and People’s Choice have been in discussions for several months. We recognise that we are both strong businesses, with approximately the same number of members, employees and assets so if a merger proceeds it would be a true merger of equals,” said Michael Cameron, Chairman of People’s Choice.
Talks have been ongoing for several months. It would require a vote from members for any merger to go ahead.
“Our members’ interests will be the most important consideration in any decision to merge and they will have the final say in any potential merger,” said Heritage Chairman Kerry Betros.
