Police & Nurses Limited (PNL) has concluded its Due Diligence on the potential merger with Beyond Bank Australia (BBA) announced in June 2024 and has decided not to proceed.
The PNL Board determined that progressing the merger would not be in the best interests of its members.
PNL’s Chair Gary Humphreys said the Board had hoped that a merger recommendation would result from the Due Diligence process.
“While it’s disappointing that we will not be progressing this opportunity, our Due Diligence process was robust and I am confident that we have made the right decision,” Humphreys said.
PNL remains operationally strong and secure in its current state; however, size and scale remain important given the ongoing investments required in areas such as cyber security, fraud and financial crime. We will therefore continue to pursue our strategic agenda to grow organically and through mergers while always acting in the best interests of our members.