A special resolution to approve the proposed merger between Greater Bank and Newcastle Permanent has been passed at a Special General Meeting of Greater Bank eligible members held in Newcastle today.
Greater Bank Chair, Wayne Russell announced the provisional result at the meeting that the special resolution to approve the merger had been carried.
More than 75% of the eligible voters who voted on the resolution voted in favour.
The provisional result is currently being validated and the official result will be announced on the company’s website later today.
“While we are awaiting validation of the vote before announcing the final voting results, the provisional numbers indicate the special resolution has passed, which is an important step towards merging with Newcastle Permanent.”
Wayne Russell, Greater Bank Chair.
Newcastle Permanent members will vote on the merger proposal at a Special General Meeting to be held at Newcastle City Hall at 2.30pm today.
If the merger special resolution is passed by Newcastle Permanent members, the merger will then be subject to final approval by financial regulator, Australian Prudential Regulation Authority (APRA).
