P&N Bank pulls billion-dollar merger with Beyond Bank after due diligence
P&N Bank has pulled a proposed merger with Beyond Bank that promised to catapult it into the ranks of Australia’s biggest-owned mutuals.
The former credit society said on Monday that after three months of due diligence it had decided the tie-up was not in the best interests of its members.
No reason was given for the change of heart, with P&N citing confidentiality provisions.
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By continuing you agree to our Terms and Privacy Policy.Beyond Bank confirmed the termination of talks, saying “the merger will not proceed”.
The two groups announced in June they were exploring “a merger of equals” to create a national member-owned bank with $20 billion in assets and more than 450,000 members.
However, P&N said on Monday it had changed its mind after looking deeper into the tie-up, which would have seen the merged group run by Beyond and the departure of P&N chief executive Andrew Hadley.
“Police & Nurses Limited has concluded its due diligence on the potential merger with Beyond Bank Australia announced in June 2024 and has decided not to proceed,” it said.
“The PNL board determined that progressing the merger would not be in the best interests of its members.
“PNL are bound, as part of the due diligence process, by confidentiality obligations in the memorandum of understanding.”
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