Newcastle Permanent and Greater Bank join forces and broaden reach

Australian money rolled up as two regional banks merge

Today two Hunter-based major regional banks announced that they will merge by the start of  2022, to become a regional bank powerhouse. 

Newcastle Permanent and Greater Bank are both recognised as top-two Australian owned financial institutions in Forbes World Best Banks ranking. 

Together they will have a combined asset of $19.8 billion and close to 600,000 customers.

Combined goals could lead to greater tech investment

Chair of Greater Bank, Wayne Russell said both organisations independently have exceptional financial strength but together will have collective capabilities and capacity that allow them to invest more in new technology and innovation.

Together the companies hope to offer greater value for their customers, he added. 

“We believe this is an incredible opportunity to grow our brands and help more Australians with their retail banking needs,” said Russell.

Chief executive of Newcastle Permanent, Bernadette Inglis similarly said the merger provides an opportunity for transformational change to future-proof both organisations – more so than can be achieved individually. With regard to technology, she also commented on each company’s complementary characteristics. 

“It [the merger] enables the combined organisation to carve out a presence as a beacon for the mutual sector, and be a significant competitor in retail banking,” she said.

Even with the merger, the two banks will maintain their two different identities and their network of branches for now.

What’s next for customers?

If you are one of their 600,000 customers, there is nothing to worry about with the merger. Several heads of each bank guaranteed that for the first two years of the merger there will be no major changes to their employees and customers. 

It’s also worth noting the recent success of each company, with Greater Bank in mobile banking and home loans, for example, and Newcastle Permanent in home loans. 

In 2021, Greater Bank won the Mozo’s People Choice Awards for most recommended bank, best mobile banking experience, excellent customer service, outstanding customer satisfaction and highly trusted.

Greater Bank also won the 2021 Mozo Experts Choice Home Loan Awards for best fixed rate and investor fixed home loan. 

Newcastle Permanent won the 2021 Mozo Experts Choice Home Loan Awards for its offset home loan.

If you’re interested in checking out the home loans of Greater Bank and Newcastle Permanent, compare their latest rates with Mozo’s comparison table.