About the proposed merger
Auswide Bank and Tasmanian-based MyState Bank have announced our intention to merge, creating a bank that would span the Eastern seaboard of Australia from Queensland to Tasmania.
The proposed merger of two successful regional banks will bring together complementary strengths and resources, providing the opportunity for future growth and enhanced customer experiences.
Both banks have been putting customers first for a combined history of over 122 years, and together by combining our expertise and resources we can do even more to meet the financial and banking needs of our customers, including access to a wider range of competitive products and new technology.
This is a significant and exciting opportunity for both banks to ensure we can continue to deliver on our promise of putting our customers at the heart of everything we do.
We understand that as a result of the proposed merger, some changes are inevitable. While the prospect of change can bring uncertainty, we want to assure our customers that right now nothing has changed, as we are still working through the regulatory and approval processes.
In the future, when the merger is finalised, we will aim to minimise any disruption to our services and that our commitment to our customers and the communities in which we operate remains as strong as ever.
We will share more details as the proposed merger moves through the regulatory and approval process.
If you have any enquiries please email merger@auswidebank.com.au
Frequently asked questions
The Boards of Auswide Bank and MyState Bank, a Tasmanian based bank, which operates principally on the East Coast of Australia have agreed that it would be beneficial to merge into a single entity.
We are currently working through the regulatory and logistical details and approval requirements, to bring the merger to fruition.
One of our key goals is to enhance the overall customer experience. The merger will enable us to invest in new technologies, expand our service network, and improve the quality of our offerings, leading to better support and satisfaction for our customers.
The proposed merger is part of our strategy to expand market presence and enhance service offerings. By combining our strengths and resources with MyState Bank we will enhance our market position, broaden our service offerings, and achieve greater operational efficiencies. This will enable us to better serve our customers and create more opportunities for growth.
The proposed merger is designed to streamline operations and achieve greater efficiencies. By integrating our processes and systems, we can reduce costs, improve productivity, and provide more effective services to our customers.
One of the compelling reasons for MyState Bank to merge with Auswide Bank was our branch footprint in Queensland. The proposed merger aligns with both organisations strategy to expand market presence and enhance service offerings to our customers. Auswide Bank branches will play an important part in this.
MyState Bank primarily operates in Tasmania and does not have physical branches in Queensland. They have a small branch network that is concentrated in Tasmania, where they offer banking services to personal and business customers. For specific banking needs or enquiries, MyState Bank customers in Queensland would typically use remote banking services (online and telephone banking services) or contact the customer support team. The proposed merger will also provide MyState Bank’s Queensland customers with the opportunity to access a local Auswide Bank branch.
This merger is about a larger combined branch network and a united focus on our communities.
A decision regarding the name of the merged entity has not been made at this time. Consideration of this and a decision will be made as the merger process progresses. At the moment, both Auswide Bank and MyState Bank will continue as they currently are.
MyState Bank is a retail bank with a proud history that goes back more than 65 years, providing a range of financial products and services to individuals and businesses.
Like Auswide Bank, MyState Bank is a publicly listed company on the Australian Stock Exchange (ASX). The Bank’s headquarters is in Hobart, Tasmania. MyState Bank was originally established as the Tasmanian Perpetual Trustees in 1959 and has undergone several name changes and expansion over the years. It was rebranded as MyState Bank in 2009.
The Bank offers personal banking services, including savings accounts, home loans, personal loans, term deposits, and insurance. They also provide business banking services such as loans and accounts. MyState Bank is part of the MyState Limited group, which includes a financial services arm and a wealth management division.
Their retail website is mystate.com.au and their corporate website is mystatelimited.com.au/home
Auswide Bank and MyState Bank are similar customer centric businesses. Both businesses share a deep commitment to their heartlands and a proud heritage of serving regional customers with high-quality home loan and deposit portfolios.
The official date of the proposed merger will be communicated as soon as it is finalised. We are currently working through the regulatory and logistical details. It is likely this will occur towards the end of this year or early next year.
The announcement to merge is about a shared vision to combine our companies, and much work is needed before the official merger is finalised.
Auswide Bank CEO Doug Snell will lead Auswide Bank through the merger and on completion it has been agreed the CEO of MyState Bank – Brett Morgan will become the CEO of the merged Group.
Auswide Bank Chair Sandra Birkensleigh will Chair the merged Group, along with three other Auswide Bank Directors and four MyState Bank Directors.
It is business as usual for both our Bundaberg Head Office and Brisbane Corporate Office.
There has been no decision at this stage about future head office locations.
We are committed to ensuring that our customers experience a smooth transition with no disruption in service. We will communicate with customers about any changes that might affect their banking with us.
The main benefits for customers will be:
- A larger combined branch network.
- A wider range of competitive products and services, including agribusiness and wealth management.
- A greater investment in technology.
- A united focus on our communities.
The proposed merger will allow an increased investment in our people, building their capability, skills and career paths.
Our commitment to community support and engagement remains as strong as ever. All our current community initiatives, sponsorships, and partnerships will continue as planned.
MyState Bank are also community focussed and support a range of community events and endeavours. We are enthusiastic about the future and an enhanced capacity that will help build on our enviable legacy of support for our communities.
Shareholder Scheme Meeting
Attention Auswide Bank Shareholders. Monday’s December 2nd Scheme Meeting has been rescheduled to February 2025.
See here for more details.
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