Mon - Fri: 8:00am - 7:00pm (AEST)
Mick Doleman
Board Chair, Unity Bank
Danny Pavisic
Chief Executive Officer, Unity Bank
On behalf of our respective Boards, we are very pleased to announce that Unity Bank (Unity) and G&C Mutual Bank (G&C) have proposed joining forces. Unity and G&C have a long history of working together cooperatively and sharing resources to build a stronger and more sustainable mutual banking alternative. A merger between our two organisations will deliver further benefits to members, while harnessing our shared values and our absolute commitment to providing fair, ethical and competitively priced banking services.
It is now around 4 years since G&C and Unity last gave active consideration to a potential merger between the two Banks. Although the Boards of both organisations ultimately resolved not to proceed with a merger at that time, both parties nevertheless acknowledged that the underlying rationale for a merger remained compelling and undertook to maintain close contact and to re-visit the merger opportunity at an appropriate time.
After several months of confidential discussions, the Boards of Unity and G&C have now signed a Memorandum of Understanding (MOU) which sets out an agreed timetable under which the two organisations plan to merge. The merger provides an exciting opportunity to combine the strengths and proud histories of the two organisations in a “merger of equals” which will allow us to offer improved products and services for our combined membership base.
The merger will create one of Australia’s largest nationally operating mutual banks with projected assets as at the merger date of around $4 billion, a network of 28 branches and a full suite of digital services. The increased scale and cost synergies from the merger will allow the merged organisation to fund further innovative products and community support initiatives.
The merger is great news for Unity and G&C staff, as there will be no branch closures and all employees will be offered a role in the merged organisation with the added benefit of improved career and development opportunities.
Further details about the merger and the implementation timetable will be communicated to members over the coming months. Key points to note are summarised in the attached Q&A and include:
Watch the video where Mick Doleman, Chair of Unity Bank, and Steve Helmich, Chair of G&C Mutual Bank, address common questions about the merger of the two banks. Discover the motivations behind the merger, its significance, and the vision for the future.
Watch the video where Danny Pavisic, CEO of Unity Bank, and Rosanna Argall, CEO of G&C Mutual Bank, discuss the upcoming merger, covering the unique aspects of the merger of equals, potential challenges, anticipated benefits, and their collaborative efforts in preparation for this significant step.
