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P & N Bank and Beyond Bank have signed a Memorandum of Understanding (MOU) intending to merge. The customer-based banks collectively have 450,000 members and if the merger goes through, the new entity will create one of Australia’s largest customer-owned banks.

Key components of the merger include the merged entity servicing a vast metropolitan and regional footprint across Australia, maintaining a strong branch presence in existing regions and all employees offered roles in the merged entity.

Members of the two banks will be kept abreast of the progress and provided further information to support them in deciding on the merger if it moves to a vote.

Read more here.

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