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Merger creates biggest mutual bank in Australia
Following a recent merger, People’s Choice Credit Union is now Heritage and People’s Choice Limited, with more than $23 billion in assets.
Lauren Croft
Firm: Piper Alderman (People’s Choice Credit Union)
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Deal: Piper Alderman has advised People’s Choice Credit Union (People’s Choice) on its merger with Queensland-based mutual banking institution Heritage Bank Limited.
Value: Undisclosed
Area: Merger and acquisition
Key players: The Piper Alderman deal team was led by corporate and M&A partner James Dickson and supported by financial services partner Shannon Adams and associate Ella Price.
Deal significance: The newly merged entity has become the biggest mutual bank in Australia, with 720,000 members, 1,900 employees, 95 branches across South Australia, Victoria, NSW, Queensland and the Northern Territory and more than $23 billion in assets.
Commenting on the deal, corporate partner James Dickson said: “We are proud to have assisted People’s Choice in all aspects of this momentous transaction, which represents an outstanding outcome for both parties, and has created the largest mutual banking institution in Australia.”
