Australia’s P&N Bank scraps proposed merger with Beyond Bank

The merged entity would have been worth about $23.8b.

Police & Nurses (P&N) Bank has decided not to proceed with a proposed merger with Beyond Bank.

In a statement posted on 16 September, P&N said that it has concluded its due diligence on the possible merger and determined that it “would not be in the best interests of its members.”

“While it’s disappointing that we will not be progressing this opportunity, our due diligence process was robust and I am confident that we have made the right decision,” said P&N Limited board chair Gary Humphreys in a statement posted on P&N Bank’s website.

The board had hoped that a merger recommendation would result from the due diligence process, according to Humphreys.

The Perth-based bank signed a memorandum of understanding with Adelaide’s Beyond Bank on 5 June 2024.

Had it pulled through, the combined entity would have been worth about $23.8b, with the merger likely to have concluded by 2026.