Merger News

New era dawns in Australian banking as Heritage Bank and People’s Choice Credit Union officially merge

A new era in the Australian banking sector has arrived, with Heritage Bank and People’s Choice Credit Union officially merging on 1 March 2023 to create a new national mutual that offers a compelling alternative to the big banks. 

The merged entity becomes Australia’s leading customer-owned financial institution, with 720,000 members, 1,900 employees, more than $23 billion in assets and 95 branches across South Australia, Victoria, New South Wales, Queensland and the Northern Territory. 

After an overwhelming member vote in favour last November, the organisations officially merge today and adopt the legal name of “Heritage and People’s Choice Limited”.

The merged entity will continue to provide local knowledge, employment and investment through maintaining dual head offices in Toowoomba and Adelaide. 

The Board of the merged organisation will comprise an equal number of directors from People’s Choice and Heritage. 

While 1 March will mark the start of the new organisation, we will continue to operate under the brands of both Heritage and People’s Choice for an interim period, while we go through an integration process. After that, we will move to a single new name and brand for the combined organisation.

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