The proposed merger of Heritage Bank and People’s Choice is with Treasurer Jim Chalmers, after the Australian Prudential Regulation Authority sent the deal which will create the country’s ninth-largest bank to the government for final approval.

Heritage CEO Peter Lock said he is confident the mutual bank merger will be given the green light within weeks, so it can be put to a vote of members planned for November 16. To hit that timeline, Dr Chalmers’ decision is needed by September 30.