Piper Alderman advises People’s Choice on Australia’s biggest mutual bank merger
10/03/2023
Piper Alderman has advised longstanding client People’s Choice Credit Union (People’s Choice), now Heritage and People’s Choice Limited, on its merger with Queensland based mutual banking institution, Heritage Bank Limited.
The new merged entity has become the biggest mutual bank in Australia with 720,000 members, 1,900 employees, 95 branches across South Australia, Victoria, New South Wales, Queensland and the Northern Territory and more than AUD$23 billion in assets.
The Piper Alderman deal team, led by corporate and M&A partner James Dickson and supported by financial services partner Shannon Adams and associate Ella Price, has assisted in all aspects of the proposed merger, including in respect of advice regarding the structuring of the transaction, regulatory compliance advice, due diligence, drafting and negotiating transaction documentation, People’s Choice obtaining member approval for the merger, obtaining approval by APRA, the Treasurer and other regulators and merger implementation.
James Dickson, Partner | Corporate of Piper Alderman, 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.”
Related media coverage
- Merger creates biggest mutual bank in Australia – Lawyers Weekly, 22 March 2023
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People’s Choice Credit Union’s Merger with Heritage Bank Limited – Global Legal Chronicle, 15 March 2023