Unity CEO to become initial CEO of the merged bank
Unity Bank and G&C Mutual Bank have disclosed their merger, as announced by their respective board chairs.
The merger culminates years of “working together cooperatively and sharing resources to build a stronger and more sustainable mutual banking alternative.”
“A merger between our two organisations will deliver further benefits to members, while harnessing our shared values and our absolute commitment to providing fair, ethical and competitively-priced banking services,” said Mick Doleman (pictured above left), board chair, Unity and Steve Helmich (pictured above right), board chair, G&C, in a shared release.
The idea of a merger between the two banks was initially considered four years ago but was postponed, partly due to the onset of the COVID-19 pandemic. However, the compelling rationale behind the merger persisted, leading both organizations to maintain close contact and revisit the opportunity.
Following months of confidential discussions, Unity and G&C's boards signed a Memorandum of Understanding (MOU), outlining a merger plan. This "merger of equals" aims to leverage their strengths and legacies “to offer improved products and services for our combined membership base.”
The merger positions the newly formed entity as one of Australia's largest nationally operating mutual banks, boasting projected assets of approximately $4 billion at the merger date. This entity will maintain a network of 28 branches and offer a comprehensive suite of digital services, paving the way for new products and community support initiatives.
Perhaps more crucial to the staff of both banks, this merger will not lead to branch closures, ensuring job security for all Unity and G&C employees. They will also benefit from improved career and development prospects.
Key details regarding the merger include:
- Anticipated member approval by the end of 2024, subject to regulatory processes
- A board comprising an equal number of directors from Unity and G&C, with the initial chair from G&C and deputy chair from Unity
- Danny Pavisic, CEO of Unity, will become the initial CEO of the merged bank, with Rosanna Argall, CEO of G&C, serving as deputy CEO, eventually assuming the long-term CEO role after 12 months
- The retention of all trading names used by G&C and Unity, with Unity Bank becoming the merged organization's name
- No changes to the pricing or features of products held by G&C and Unity members prior to the merger
