The initial elements of the rebranding process will be launched next year
Heritage and People’s Choice have announced that they will be unifying under the brand name People First Bank (PFB), following the mutuals’ merger last March.
“Our new brand builds on the strengths and values of both organisations over our near 150-year history while standing out in today’s highly competitive banking environment,” said Michael Cameron, PFB’s chairman and People’s Choice’s former chairman.
Peter Lock (pictured above), PFB’s CEO and Heritage’s former CEO, said that the brand was extensively consulted with customers and employees, building on the notion that the organisation continued to put people first.
“We are owned by our customers. There is no doubt about our priorities. We exist to serve the interests of our customers,” said Lock. “Unlike the listed bank model, we don’t have the conflict of having to generate massive profits to pay dividends to shareholders. Our profits remain in the business to provide ongoing value to customers and their communities.”
Lock said that the new brand undertook a comprehensive process in order for it to fulfil a key merger commitment as it was promised that the merger would be followed by the development of a single new brand.
“We had no intention of adopting a multi-brand approach, as we have always aspired to create a strong new national brand that genuinely challenges the profit-maximisation model of the listed banks,” Lock said.
Following the announcement, preparations for the initial elements of the rebranding will begin as the first elements are set to be launched by March next year. Further updates will be provided as the new brand continues its development.
Heritage and People’s Choice was formed through the merger of Heritage Bank and People’s Choice in March. It has 730,000 customers, 2,000 employees, and $23.3 billion in total assets as its 95 branches are stretched across South Australia, Victoria, New South Wales, Queensland, and the Northern Territory.
