BCCM says Heritage-People’s Choice merger is a milestone for banking industry competition

16 November 2022

“The successful merger vote by the members of Heritage Bank and People’s Choice Credit Union cements a critical pillar of Australia’s financial industry,” said Melina Morrison, CEO of the Business Council of Co-operatives and Mutuals.

 “Their milestone decision creates one of the biggest member-owned banking entity in Australia, and ensures an ongoing and healthy alternative to the big four banks. 

“Significantly, this demonstrates that scale and competitive advantage do not need to be pursued through demutualisation – a process that turns organisations into shareholder-owned, profit-driven institutions.

“Instead, banking can be provided to Australian customers in a way that ensures profits are returned to them in the form of better services.”

Find out more

• Merger of mutual banks Heritage and People’s Choice approved, The Australian Financial Review
• Heritage Bank, People’s Choice merger gets go-ahead, Mortgage Professional Australia
• ‘Provisional yes’ as Heritage, People’s Choice set to merge, MortgageBusiness
• Members approve merger of Heritage and People’s Choice, Heritage Bank
• Members approve merger of Heritage and People’s Choice to create positive new force in Australian banking sector, People’s Choice Credit Union