Perth's P&N Bank and the Brisbane-based Great Southern Bank are in early-stage merger talks that could create a $30 billion customer-owned banking heavyweight.
Politicians are losing control of policy levers and lack the willpower to enact sweeping tax and policy reforms , according to WA businessman Michael Chaney.
Perth-based P&N Bank has offered more context on the recent scrapping of a multi-billion-dollar merger with Beyond Bank, while keeping the door open to other opportunities.
Perth-based P&N Bank has agreed to merge with its smaller east coast counterpart bcu, creating one of the largest customer-owned banks in Australia with $6 billion of assets.
P&N Bank is considering a merger with regional east coast credit union bcu, which is about half the size of the Perth-based lender, to form a combined group with a $6 billion asset base and 150,000 customers across the country.
Financial planning technology group Decimal has formed a partnership agreement Perth-based P&N Bank as it seeks to expand its service offering to a broader range of members.
Soft economic conditions have resulted in P&N Bank taking a significant hit to its earnings with the credit society reporting a 30 per cent fall in profit.
