Merger of Australia’s biggest mutual bank
Piper Alderman advised People’s Choice Credit Union on the merger with Heritage Bank, with the new organisation to become the biggest mutual bank in Australia.
People’s Choice Credit Union (People’s Choice) is one of Australia’s largest credit unions with over 390,000 members, $9.7 billion in total assets and approximately 900 employees and branches in South Australia, Northern Territory and Victoria.
People’s Choice and Heritage Bank members voted in favour of the proposed merger of the two mutuals, with the new merged entity to have 720,000 members, 1,900 employees, 95 branches and more than A$23 billion of assets.
The Piper Alderman deal team assisted in all aspects of the proposed merger, including in respect of advice regarding the structuring of the transaction, regulatory compliance advice, due diligence and drafting and negotiating transaction documentation.
Other partners also provided expert advice in respect of a range of corporate, property, information technology, intellectual property, competition law and gun jumping issues.