Heritage Bank and People’s Choice have announced they are in talks on a merger that would bring together the No.3 and No.4 customer-owned banks by loans to create the largest among them.
It is the second merger deal among the top 10 mutual banks announced this month, as smaller lenders facing margin pressures scramble to scale higher to invest in new technology and compete with the big banks.
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James Eyers writes on banking, payments and fintech. He is a former legal and investment banking editor at the AFR, has degrees in commerce and law from UNSW, and is co-author of Buy now, pay later: The extraordinary story of Afterpay Connect with James on Twitter. Email James at jeyers@afr.com.au
