Beyond Bank Australia announced that it has entered into a Memorandum of Understanding to assess the feasibility of a merger between Beyond Bank Australia and Police and Nurses Limited (PNL). 

Similarly to the merger between AWA Alliance Bank and Beyond Bank, there will be a thorough due diligence process and regulatory steps taken before this will be brought to members to vote on. 

Below is the correspondence from the Chair and CEO on the matter, as well as the website you can view for further information.

We would like to assure you that our commitments as part of the Merger Implementation Agreement will be honoured and are not impacted as a result of the proposed merger with PNL.  In fact, being part of a larger organisation provides even greater scale, capacity and opportunity to support our members and communities further.

If you have any questions we ask that you contact your local branch.

The AWA Team

Beyond Bank Australia and Police and Nurses Limited to explore the opportunity to merge.

We are writing to share some incredibly positive developments that, should they proceed, would enable us to provide even more value to you, our valued customer-owners.

Today, we can reveal that we are in discussions with Police and Nurses Limited (PNL), a values-aligned and purpose-driven customer-owned organisation, to explore a merger of our two organisations.

PNL comprises P&N Bank, based in Perth, and BCU Bank in Northern NSW and southeast Queensland. They are a leading customer-owned bank with over $8 billion in assets. Like us, being 100% customer-owned means their customers and owners are one and the same, meaning that we share the same firm commitment to improving the lives of our customers and the communities we operate within.

Importantly, both organisations are unquestionably committed to the mutual banking model. Should the merger ultimately proceed, the new organisation formed will maintain the values of a customer-owned bank while enabling us to better compete with larger banks that are often driven by different values and shareholder priorities.

Beyond Bank has undertaken several mergers in recent years, and all have proven very successful for our organisation. Each of these mergers has enabled us to deliver enhanced value for our members while allowing our business to establish a truly national footprint.

This merger is another opportunity for us to continue this successful approach. It is a merger of equals, with both organisations bringing similar customer numbers and size. If the merger proceeds, we have the opportunity to create one of the largest and most well-supported mutual banking institutions in Australia.

What does this mean for you, our customer-owner?

We fully expect that it will enable us to continue delivering the very best customer experience while adding a range of products, services, and new offerings that ensure we keep pace with the competitive pressures in Australian banking. You will benefit from an expanded national footprint that would allow us to serve you at an expanded branch network and via an employee base of more than 1250 people.

We firmly believe that a merger of this size and scale will enable us to create an even stronger, more sustainable bank that will continue to support its people, customers and community well into the future.

What are the next steps, and what do we need from you?

We do not need you to do anything at this early stage.

Our team will work with the PNL team to conduct a detailed and thorough due diligence process. If both Boards agree to proceed, customers will be asked to vote on the proposed merger in 2025 once all the appropriate regulatory reviews and approvals are complete, ensuring that you, our customers, will determine the final outcome.

Should the merger proceed to a vote of our members, you can rest assured that we will provide all the information you need to ensure that you are in the best possible position to make an informed decision.

Where can you find further information?

Further information about this proposed merger will be posted on our website, and you will receive regular updates as we progress.

Visit Beyond Bank website

Thank you for your continued support of Beyond Bank.