This is an incredible opportunity to create one of Australia’s largest customer-owned banks.
The merged entity will benefit from being part of a larger group by:
- leveraging the current technology and other capabilities of both organisations to accelerate customer experience enhancements for both brands, and
- combining the financial strength of both organisations to enable investment and major technology innovations and maintain highly competitive rates.
Additionally, the merged entity will retain both iconic brands.
Success in the banking sector is dependent on the ability to rapidly adapt, meet evolving customer expectations, and new regulatory requirements. Smaller organisations can be at a disadvantage in keeping pace with required investment in frequent and complex technology advancements; a decade ago there were circa 200 mutuals across Australia, today the number is fewer than 70.
A merged entity would benefit from a shared capability of both brands and increased capacity for investment and technology advancements, to deliver an exceptional customer experience and continue to be a significant competitor to major banks and the retail banking sector.