Emails and text messages impersonating Qantas Money - We are aware of customers receiving scam emails and text messages falsely representing Qantas Money, requesting them to “verify” a card on their account or redeem points. Never respond to unexpected emails or text messages. If you're ever unsure call us on 1300 747 747. Learn more.

Bank Australia Ltd and P&N Group to explore merger to create a leading national customer-owned bank

Home
Latest News

14 May 2026

Highlights:

  • Enhanced customer benefits: potential to unlock substantial benefits to customers through increased scale and investment in improved customer experience, creating a customer-owned bank with coast-to-coast nationwide reach.
  • Technology transformation: Commitment to enhanced digital experience, including increased investment in cybersecurity and fraud/scam prevention
  • Commitment to people: merged entity to be the employer of choice for circa 1500 people, with greater career growth opportunities
  • Commitment to greater impact: commitment to grow positive impact for people, planet and communities
  • 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 1500 employees nationwide. Bank Australia’s strong east coast presence combined with P&N Groups strength in Western Australia 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 enhanced 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 Chief Executive Officer and Managing Director, while Damien Walsh (Bank Australia) will explore other career opportunities following a successful merger.
  • All non-executive employees will be offered a role within 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, Bendigo and the Latrobe Valley.
  • 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 detailed 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.

Members of both banks will be kept informed of progress and will be provided with further information to support them to make an informed decision if the merger is brought to a vote.

Frequently Asked Questions

Who is P&N Group?

  • P&N Group is headquartered in Perth, Western Australia and was founded in 1969 as the Western Australian Police Union Cooperative Credit Union Society Limited.
  • P&N Group 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.
  • P&N Group’s purpose is to enrich the lives of its customers and communities. Both the P&N Bank and BCU Bank brands have a long history of supporting programs, initiatives, and activities to assist customers to achieve their personal, financial, and wellness goals.  
  • Across its two brands, P&N Group supports more than 200,000 customers, holds $9.3 billion in total assets, and has around 600 employees.
  • P&N Group has a strong focus on supporting essential workers, first home buyers and supporting social and environmental impact in the communities it operates.

You can learn more at pnbank.com.au/about.

Will the merger affect the customer ownership structure?

  • No, the merged entity will continue to be 100% customer owned.

What will the name of the merged entity be?

  • The merged entity will be Bank Australia Ltd.

What brand will the merged entity operate under?

  • Current brands will be maintained initially, with an intent to transition to a single Bank Australia brand as soon as practical.

How will the merger affect employees?

  • The proposed merger is about building a stronger purpose-driven bank. The aim is to create further opportunities to improve customer experience and increase our impact, not about cost cutting.
  • All non-executive employees will be offered or have the opportunity to apply for roles within the merged entity including redeployment opportunities where appropriate

What will happen with branches and offices?

  • The merged entity will maintain its head office in Melbourne (Collingwood).
  • State office operations will be maintained across Perth, Sydney, Melbourne and Brisbane
  • Regional operations will be maintained across regional Victoria and regional New South Wales
  • All existing branches will be retained at the time of the merger. Any future changes will be subject to review to meet customer needs and strategic priorities.

Will this effect Bank Australia’s public impact commitments?

  • The merged entity will maintain the public commitments of Bank Australia.
  • The merged entity will be able to create even greater positive impact for our communities and the planet through our larger scale, and ability to invest more in impact projects and partnerships, and our commercial impact lending business

How will products and services be affected?

  • Customers will retain their existing products and terms at the time of the merger.
  • Over time, the merged entity will align and simplify products, services, terms and conditions, fees and interest rates. Alignment will, on balance, seek to provide the best member outcomes.

How will the Board be composed?

  • The merged Board will be led by Jennifer Dalitz (Bank Australia) as inaugural Chair and Gary Humphreys (P&N Group) as inaugural Deputy Chair.
    • 6 from Bank Australia
    • 4 from Police & Nurses Ltd (P&N Group)

Who will be the CEO?

  • Andrew Hadley (P&N Group) will be appointed Chief Executive Officer and Managing Director. Damien Walsh (Bank Australia) will seek opportunities elsewhere when the merger takes effect.

How will the Executive team be determined?

  • Executives will continue in their current roles to ensure both banks continue to deliver on their strategic priorities.
  • If the merger proceeds Executive roles will be subject to a selection process following agreement of the organisational structure of the merged entity.

When will members be asked to vote?

  • If both Boards decide to recommend a merger following the due diligence process, members of both banks will be asked to vote on the merger proposal.
  • While it is too early to identify a date when members may be asked to vote, if the merger does proceed a vote will be held in the first half of 2027. We will keep employees and customers informed of progress.
  • Members will be provided with a detailed information pack ahead of being asked to vote.

When would the merger take effect?

  • It is too early to put a date on that. Should customers vote in favour of the merger, we expect day 1 of the merged bank would be in the second half of 2027.

Does the proposed merger need regulatory approval?

  • The proposed merger will be assessed by the Australian Prudential Regulation Authority (APRA) and require approval from APRA and the Australian Treasurer for the merger to proceed.

About Bank Australia

Bank Australia Ltd believes banking 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.

14
May 2026